Cooper Holding Corp (PINK:SHAR) was steadily climbing throughout May and early June. Around June 13, however, something happened and on the day SHAR crashed 55.48% on a large volume.
After suffering several sessions of losses, yesterday, SHAR bounced back. A 44.55% increase in price on 18.4 million shares landed SHAR at a close of $0.0159. The apparent reason for the bounce is the press release issued by the company yesterday.
The announcement reveals that a third party affiliate of SHAR may have sold shares in violation of the Federal Securities Laws, and has agreed to buy those shares back. The name of the affiliate hasn’t been disclosed so far.[BANNER]
Additionally, SHAR confirmed it will proceed with the previously announced forward split. The two for one split will apply to the shareholders of record at the close on July 5.
It seems that SHAR is looking after shareholders’ interest, however, the dismal performance of June 13 may have been partly due to the financial report the company published.
The report shows the company had a negative working capital, loss from operations, and ridiculous $300 revenue for the three months ended March 31, 2011.
Nevertheless, SHAR shareholders are in a good position to rake in some profits with the buy back. In addition, the company came through on the promise of getting the current information status. Whether that will be enough to counter the effect of the flaccid operational performance for Q1, remains to be seen.
