News about increasing revenues pushed the stock of Groupe Athena, Inc. (PINK:GATA) and brought about an 18% gain in value in the latest market session, laying the door wide open to a new pump-and-dump scheme.
Yesterday, GATA edged up $0.08, or 18.6%, to $0.51, its third rise out of the last five sessions and highest rise since Oct. 11. A total of 93,300 shares of common GATA stock changed hands, setting a new six-month record for the company. Compared to the daily average trading volume, this turnover marked a ten-fold improvement.
Needless to say, the huge hype about GATA came soon after the company announced record quarterly revenues for 2011. The quarterly period itself saw the daylight on Feb. 24, i.e four days earlier. Strangely enough, GATA gained nothing in the subsequent session. Rather, it was during yesterday’s trading hours that GATA stock really got a boost.
As it quickly turned out, GATA’s surge proved more than enough to whet third parties’ appetite and lure them into investing $25 thousand into a paid promotion in favour of the company’s stock for the upcoming trading session.
Although GATA does not file with the SEC, it has been striving to maintain a current financial profile. As a matter of fact, the company’s unaudited financial reports for the last few quarterly periods have all been fairly positive. The Q4 2011 report, in particular, showed cash reserves of $183K, a current ratio of 25,2, quarterly revenue of approx. $12 million and net income of $1.4 million.
Founded in 2008, GATA is mainly focused on helping Indian pharmaceutical and medical companies to get an FDA approval so that they can export their products to the United States. For the purpose, GATA provides a wide range of services using its own India-based facilities.
