September 25, 2005
I am a fairly new investor and I had recently purchased shares of igtn.pk ( Ingen Technologies Inc.),back in July / August. This company, I think has a very successful future ahead of it. They are taking all the right steps through company audits, receiving patents, national press and radio, and are trying very hard to move up to the OTC:BB or Higher from the Pink Sheets to be Nationally Recognized Company.
I believe this Company is a victim of short selling. They have had favorable press releases and are on National Talk Radio and the price of their shares had been steadily moving up reaching $.055 about 3-4 weeks ago then for no apparent reason they began to plummet in value down to a low of $.017 as of Friday the 23rd of Sept.
Like I said I am new to investing and I know the pink sheet / penny stocks as they are called are fairly volatile, but I still feel that like many investors…under NASD Rule 3360… there should be tighter control on the traders / market makers who trade companies stocks short of their true value and potential worth. I feel this company is a victim of naked short selling and the traders of this company should be investigated about why they allowed this companies stock to plummet so low for no apparent reason when it was climbing at a steady rate. I am a concerned investor and would like to see penny stocks and OTC fall under the same controls and better regulations as the higher priced stocks.
A concerned Investor,
Andrew Hammonds