Anastas Gegov

Medbox Inc (OTCMKTS:MDBX) Hits Yet Another 52-Week Low

by Anastas Gegov June 19, 2015

The suffering of Medbox Inc (OTCMKTS:MDBX) looks to be far from over. The company stock was traded for more than $6 per share in the beginning of the year, but a steep slide in which we saw only a handful of green sessions cost the ticker more than 90% of its value over the course of the first half of the year.

 

The company stock has managed to record only a single green session since the beginning of this month and it barely stopped its fall. If you have been following MDBX you would know what the reason behind its terrible performance is. The company had to restate several of its financial reports and the discrepancies were pretty enormous. Here is what their report for the first quarter of the year had to offer.

 

  • cash: $92 thousand
  • current assets: $1.48 million
  • current liabilities: $10.27 million
  • quarterly revenues: $41 thousand
  • quarterly net loss: $4.43 million

 

But the huge difference wasn’t the only thing that was fueling MDBX’s descent. The discrepancies in revenue recognition resulted in a SEC investigation which was followed by a flurry of class action lawsuits, from all sorts of law firms.

 

The company has tried to boost investor confidence with press releases, but that proves a hard thing to do. In the beginning of this week MDBX announced that they will be presenting at the Viridian Capital investor conference in NY, however, the news didn’t manage the ticker from falling further down the charts.

 

MDBX logged in another 7.86% loss in yesterday’s session and slid to a close at $0.258. A total of 904 thousand shares changed their owners during the six and a half hours of trading and generated $272 thousand in daily dollar volume.

 

People on investor message boards are still trying to predict when MDBX will reach a bottom. Today’s session has started rather well, despite the fact that there was no press release or any other reason for this to happen. MDBX is 16.28% in the green so far, which is quite impressive. Still, that is no indication that the downward run won’t continue after the company stock takes a breather. 

Comments 2

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