Jammin Java Corp. (OTC:JAMN) has been losing ground for weeks. For quite a long time the stock price has been either 
moving down, or standing on the zero price changes for days with no particular explanation. Yesterday, JANM lost another 15.87%, while its traded volume exceeded 2 million shares. What’s wrong with this company?
It looks like the lack of news could be a reasonable explanation for the recent losses. Historical data shows that Jammin has not released any announcements since the beginning of August and no one has an idea about its activities. Meanwhile, some alerts on the company’s business were published, though these didn’t influence the stock price.
Yesterday, an official release by Jammin reported that Marley Coffee (corporate name Jammin Java Corp) has selected Coffee Works to be its preferred distributor in Bermuda. This move certainly encouraged the company’s team, but if it will pump up JANM stock price is yet to be seen.[BANNER]
A couple of days before the positive news was released, another announcement on Jammin came up. According to it, on Sept 6 the company has terminated its engagement of KBL, LLP as its independent registered public accounting firm for the company’s quarter ending April 30, 2011 and engaged a new accounting firm for the next quarter.
The announcement stated that KBL was dismissed because the reports on Jammin’s financial statements “did not contain an adverse opinion or disclaimer of opinion, and were not qualified or modified as to uncertainty, audit scope or accounting principles, except that the Company’s audited financial statements contained in its Form 10K for the years ended January 31, 2011 and 2010, included a going concern qualification”.
At the same time, the financials of Jammin remain the same as recently reported on hotstocked.com and are far from satisfying.
