BioPharm Asia, Inc. (PINK:BFAR) went up 23.29% yesterday, closing at $0.09 on 2.9 million shares. It seems it’s a secondary surge after the press release on Apr. 3.
The press release by BFAR was an update of the status of the restatement of the company’s financial reports.
While the sketchy announcement didn’t actually give any expected dates for the filings, it did say the restatement process was a critical priority.
It also spoke of BFAR’s plans to get the stock quoted on the OTCQB. That part is also very vague, uncertain and fails to mention any dates.[BANNER]
The Chinese company is supposedly engaged in retail sale of medical products in China. Before BFAR went silent and stopped filing with the SEC it used to report tens of millions in revenue and millions in net income.
BFAR stopped filing its financial reports after the quarterly for September 30, 2010. About that time BFAR shares were trading around the $4 level.
Some posters on investor message boards seem very happy with the press release and the surge, while others remain pessimistic about what will follow after the Easter Holidays.
At this point there is nothing to say BFAR will follow through with the plans laid out in the press release. For now BFAR doesn’t look like anything more than a high-risk gamble.
