Bulova Technologies Group, Inc. (PINK:BLVT), run by Stephen Gurba, recorded a new volume high as 15 million shares were dumped yesterday.
The total volume for the session reached 16.2 million. BLVT closed down 15.45% at $0.0093. The previous day, BLVT had closed up 57%, probably due to a message board pump.
The company itself hasn’t issued any press releases since early-November, and the last time BLVT filed anything with the SEC it was the 10-Q for Q2 of 2011 (fiscal Q3 for BLVT).[BANNER]
The 10-K should be filed at some point, but there isn’t much reason to believe it will be better than the last 10-Q.
BLVT is a stock that has seen massive dilution, and the company hasn’t managed to turn profitable. Mr. Gurba’s reputation is far from flawless, and what he has done at BLVT is not going to help.
Who sold the 15 million shares yesterday, is not clear yet, and it very well may never be. What seems to be obvious, though, is that shareholders are just taking hits, someone is willing to sell a relatively huge amount of shares at this level and it would take some small miracle to turn things around.
