Over the past days, LI3 Energy, Inc (OTC:LIEG) has been moving down. Yesterday, the downtrend continued and the stock 
lost approximately 4% of its price on an increasing traded volume.
The strangest thing about the situation is that no one can say the particular reason for the fall. There is neither fresh news, nor any announcements about LIEG and presently the company’s activities are unknown.
According to the records, the last news by LI3 came up last week, reporting that it was in the process of finalizing a definitive purchase agreement and administrative requirements for the acquisition of 60% ownership of the six companies that collectively own the Maricunga Project. Though, since then no further information on the issue has been released.
However, another announcement by LIEG was published a few days ago. It, however, didn’t inspire investors at all. It was a notification of late filing regarding the company’s latest 10-Q report, which apparently wasn’t ready yet. Though, a few facts in the report could be the main reason for traders’ discouragement. According to the NT Form, LIEG had no revenues during the three months ended March 31, 2011 and 2010, respectively, while its expenses jumped up significantly.[BANNER]
Li3 Energy, Inc. is a developmental-stage public company in the lithium mining and energy sector focused on the identification and acquisition of properties in Peru, Argentina and Chile and the US. In end-April, the stock hit the heavy gain again as a result of positive news by the company and traders’ discussions. Though, the up move was cut off shortly.
At the same time, the previous 10-Q of LI3 had no chance to pump up the stock price as the company’s liabilities were about 10 times higher than its total assets and the stockholders’ deficit totaled over $11 million. In this case, the question is if the new quarterly report will make GLER price rise up, or it will support the current fall. Anyway, the answer is just a matter of time.
