Shares of Bidz.com (BIDZ) are trading up 8% pre-market after it announced after yesterday’s close that it was going to investigate possible wrongdoing by Andrew Left of Citron Research after his negative report on his website and would report trading activity to regulators.
The company investigation also notes "and others in connection with recent trading in the Company’s securities." Bidz.com said it is concerned that recent trading activity may not be in compliance with SEC guidelines and even mentions naked short selling.
Bidz.com has also warned taht trading may be volatile as shorts are covered and the like. That might be an understatement since this stock was cut in half.
This one caught more traders off guard because it had been recently added to the Investors Business Daily list. This stock did briefly qualify for review in our weekly "10 Stocks Under $10" but it didn’t last under $10 very long.
Bidz.com shares are trading up 8% at $10.91 in pre-market trading.
Jon C. Ogg
November 29, 2007
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