On May 9, 2011 Hiru Corp. (PINK:HIRU), was added to the Caveat Emptor (Byer Beware) list on otcmarkets.com. On the same day the price went 33.33% up on 145 million shares, only to crash back down the next two sessions.
Yesterday HIRU gained 57.14% to reach a closing price of $0.0011 with approximately 57 million shares traded.
Since the company hasn’t released any official news after Mar. 10, the most probable reason for yesterday’s gain is the appearance of HIRU in some promotional newsletters.
Mina Mar Group (MMG) addressed the issue of the active trading and the Caveat Emptor situation on May 13. MMG expressed the opinion that the huge volume was “due to the fact that HIRU has just been approved for a certain vaccine.”[BANNER]
Later in the same commentary, MMG stated they had a China-based representative who would investigate whether the claim and approval are valid. For now, we are not aware of an update from MMG on the matter.
As for the Caveat Emptor classification, MMG said it was “unwarranted”. According to them, OTC Markets listed HIRU as Caveat Emptor because the company didn’t pay a $3,500 fee for posting their financials.
MMG goes on to say that HIRU “…have their own strategic reasons why they don’t want to report how profitable they are.” Supposedly, it would hurt their future sales. Whatever the reason is, the fact remains HIRU didn’t publish their financials, which might be viewed as not making information public.
Caveat Emptor or not, HIRU is still trading in significant volume and it will be interesting to see how the situation develops.
