Fortune Oil & Gas Inc (PINK:FOGC) reached a record trading volume on Friday, along with a positive change of its stock value. The reason behind this unusual activity was a promotion, which started with the opening bell on Friday.
The promotion sequence was started by Wise Alerts, which were compensated $5 thousand by Oceanic Consulting for the advertising service. After the alert on FOGC was issued, the stock went steeply upwards and at the end of the day it had scored a 185% price increase and 2.7 million shares had changed hands. The volume was around 160 times higher than the 90-day average.[BANNER]
On the next day, the fight for a better performance of FOGC was joined by the promotional group of Stock EGG. The latter was paid $17,500 by the same third party for the advertising service. The alert issued said that a big report on the company would be issued on Sunday night. However, the report wasn’t detected by the Hotstocked promotional radar.
FOGC bears a red sign on the OTC Markets website, which means that it doesn’t report anything with the official authorities. In its business description, the company states it will soon start “updating Pink Sheets with adequate disclosure, updated financials and any relevant merger news.” However, until then the company’s status will bring additional risks to the investment process.
For now, the fact that such an influential group as Stock Egg has joined the promotional campaign of FOGC will bring additional intrigue to the coming session. Will FOGC manage to climb higher on the artificial stimulus from the newsletters, or will it succumb to the draining power of its Friday’s promotion?
