niceday
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petizione su change.org....interessante....
Stop Nasdaq-Listed Greek Companies from Scamming Main Street US Retail Investors
A number of publicly traded US-listed Greek shipping companies are playing a dirty game (along with their US banking and hedge fund counterparts) all to the detriment of innocent Main Street US retail investors who initially trust the Greek management teams at face value.For example, companies such as PSHG, IMPP, and OP (to name a few) are experiencing the best industry backdrop in decades, yet are trading at or near all-time lows due to serial dilution by management at significant discounts to NAV with zero regard to their fiduciary duty to common holders.
Below are the common denominators of these companies:
- Serial dilution (highly dilutive offerings followed by highly dilutive offerings)
- Serial reverse splits (routine and regular)
- Separate incentives/share classes for management teams (not aligned with common holders and not impacted by dilution)
- Self-dealing (e.g., anti-dilution protection, voting power, dividends)
- Extremely limited institutional ownership (besides hedge funds that trade the warrants)
- Relationships with unscrupulous U.S. banks
- Extremely poor corporate governance
- Misleading (disingenuous) press releases
- Management focus on getting bigger versus focus on increasing per share value
- Stock charts that are extremely negative over almost any period you assess (but particularly over longer time frames)
- Stock does NOT trade on fundamentals
Retail investors are losing their hard-earned retirement money to these scams.
For example, PSHG recently diluted at less than 10% of NAV after reporting record Q4 2022 earnings and telling investors in their press releases how cheap their stock is. In fact, they moved forward with their latest equity offering at a time when their quarterly earnings exceeded their entire equity market cap. PSHG does not "need" the cash. That said, management does not care because they own a separate class of super-voting preferred shares not impacted by the dilution. Would a "reasonable" management team looking out for the interests of shareholders take such action?
The pattern has gone on for years and they have decimated shareholder value on a per-share basis (look at any historical price chart you like). Complicit are their US bankers (who get paid fees) and institutional intermediaries (who get warrants but who in many cases are actually net short the stock).
Who is going to protect Main Street U.S. retail investors?
Nasdaq and SEC have done nothing so far. Litigation thus far has not been successful. Maybe the media and politicians can help? Maybe this petition will get things rolling?
magari c e tempo anke domani….ma pyxis si ricordano di dare i dati..
