We spoke about Total Apparel Group, Inc. (PINK:TLAG) when it got its staggering 971% surge. Back then, we pointed out the fundamentals aren’t enough to support such gains, and as it turns out, we were right.
After the spike, TLAG has been dropping with a few minor exceptions, and yesterday was not one of those, despite the new PR. The press release did manage to generate a lot of volume. Approximately 31 million shares were traded, but the price dropped 30%, and now it is $0.0028.[BANNER]
The new press release concerns the Glamm-Skechers deal again. TLAG announced TLI had signed a five-year lease for a showroom space in Manhattan’s Fashion District, to be used for the Skechers Time Instruments and other licensed properties.
Again, the PR fails to mention any numbers, projected or other. However, it did get some buys in the morning. Those were gone by noon, and after 2 pm TLAG crashed to the closing price.
TLAG, which still has the limited information sign, chose to publish some financial reports. These, however, didn’t help much. As reported in the latest one, on Mar 31 TLAG had 11.3 million OS. This is obviously not an accurate number now as the volume from yesterday shows.
The apparent dilution is not met well by shareholders and traders. Additionally, the financial situation of TLAG wasn’t very rosy. Investors should do their due diligence before doing anything rash.
