May 1, 2008
I have taken a beating on 2 well shorted stocks that seem out of control with shorting. LVLT and RAD are the biggest losers at more than 50% loss in the last year. LVLT has more shorts on most days than the float and that can be a day traders dream and a true investor's nightmare.
At no time in recent history has this been more evident that less than 30 days after the rules changed last year, they lost 5-10% per day and by that time, I was so deep that I could not afford to sell these stocks as it represented about 55% + of all of my investments. I'm still holding these losers as hopefully, you'll be able to cut out the practice of keeping the little guys from having DEAD money.
There's one more stock that as I understood it last year as a penny stock wasn't allowed to be shorted and that's WYDI or WYDIE.OB. About 15 to 20 market makers have "control" of the day to day activites of this stock just selling it to each other in a successful attempt to keep the stock, for most speculators, at a 75% + loss in value. I've seen days when the bid and and ask were held by the same MM's with an ask of .275, then 5000 shares sell @ .275 and on the very next transaction, 100 shares sell for .20 and it stays there.
The company HAS NOT RESPONDED to numerous calls and emails nor has anyone been able to give us legitimate answers as to how the MM's have control of the stock. This company hasn't even responded to you, THE SEC about the 4th Qtr-07 results OR the 1st Qtr numbers and NOTHING HAS BEEN DONE since the reverse split in Dec. 07 of 1 for 6.
I've requested from you before about an electronic trans-action audit of this stock and have had no reply. PLEASE, LET ME KNOW SOMETHING !!
Thank you , H. Sam Burel