average and yesterday it lost 1.85% of its price. As one can assume, the decline in price was accompanied by the unusual volume of over 222 thousand shares traded, which proves that the investors are losing their enthusiasm about XPRT.Historical data shows that the stock has lost approximately 37% over the past month and the price continues to move down.[BANNER]
Following the stock movement, XPRT has traded higher during the last six months, when the price went up to $3.60 per share. However, since end-June this year a downtrend has occurred.
Recently, the company announced new acquisition plans, though no official confirmation about them was published. It looks like the traders were disappointed by the missing information and the stock kept the low trade.
Another failure for LECG Corporation appears to be the news that Bank of America filed to have ceased being the beneficial owner of more than five percent of the company’s common stock. Based on the last information, we may assume that the shareholders fear the present losses could continue.
The financial results of XPRT don’t look promising at all. This year the company has generated a bit higher revenues, however its net loss jumped over 244%. LECG has acquired new assets, though it has suffered lots of restructuring costs and a $42.8 million debt.
The company had to issue over 6 million shares of its preferred stock to SMART shareholders, but a great part of their $25 million investment was used to cover outstanding liabilities. This step holds ricks of dilution for the shareholders and makes the stock quite unstable.
The latest news for LECG was that the company is to report its second quarter financial results in a week by hosting a conference call and live webcast for all the investors.
Today, it seems that the downtrend could be broken, though traders cannot make final conclusions before the financial results are announced.
