Max Sound Corp (OTCBB:MAXD) Attempts Takeoff
In yesterday’s session the share price of Max Sound Corp (OTCBB:MAXD) went up 25% for no apparent reason. By the closing bell the ticker was perched at $0.027 per share, after 3.9 million shares changed hands.
MAXD is on a bit of news hiatus at the moment, after dropping its big press release just over a month ago. The company announced that it had paid a German court filing fees to “continue (the) pursuit of justice” in the lawsuit against Google. Obviously, it will be up to the court to decide who has justice on their side – MAXD or Google, but either outcome would have an equally dramatic impact on share price.
The final hearing is scheduled for December 8 and the court’s ultimate judgment should be out in a couple of weeks from the single-day hearing. The possibility of a hefty settlement sum, assuming the ruling is in MAXD‘s favor, might entice investors with a high risk tolerance to the stock, given its current price level that represents a significant dip from levels a few months ago. However, the other scenario can have an equally strong impact – if the court dismisses MADX’s claims, the price will quite likely take a nasty blow.
MAXD‘s latest quarterly report is not exactly the stuff of legend. Here is the brief summary of numbers reported:
- $6 thousand in cash
- $6 million in current liabilities
- ZERO revenues for Q1 and Q2
- $4.8 million in net loss for Jan-Jun 2015
Those numbers leave a lot to be desired, especially given the company’s bold press releases. If the European lawsuit comes to naught and all that MAXD walks away with is a ton of legal and court fees, investors may find themselves in a bit of a pickle.
There are no known upcoming major events before the court’s ruling is made final, so investors are left keeping their fingers crossed that this David versus Goliath story turns out in their favor.