mPhase Technologies, Inc.(OTC:XDSL), an electronic development stage company which has been working on a new generation battery project for the past 3 years, scored big on Friday. The share value of the company increased over 40% in a matter of hours.
The sudden jump is probably due partially to the recent press release that General Electric also makes explorations in the same area, which is an implication that they might seek some sort of an alliance with the OTC company. On the other hand, there was also a paid stock promotion going on.
Is this going to be the final breakthrough for the company, which has been in the development stage for past 14 years? Or is this just another hype, ignited by occasional John Lebed promotions for the stock?
Moreover, the fact that Ronald Durando, the CEO of the company, was investigated for penny stock scam by the SEC in the past makes the substantial success of mPhase less and less plausible.[BANNER]
