By the looks of a 3 year chart on IMGG, you would think that they cured a disease or struck oil. Not the case.
IMGG is a stock that has had a very rapid run as of late. The company offers 3d imaging technology, but the stock is acting like a typical pump and dump. When reviewing a pump and dump, you need to read any press with a grain of salt. One of the easiest things for a company, whose stock is being hyped or promoted, to say is that they are a development stage company. When that is said… hands are off. That would explain the lack of revenue and the lack of revenue in the bank.
Deeper digging will give you the facts. The following is from Tim Sykes (TimAlerts.com) on 9/24/2009
Imaging3, Inc. (IMGG) is another pump & dump, promoted by the same scoundrels as behind GVBP…10 cents to 70 cents/share so far, many people ask, why not just buy these? Because I’m not good at it, I don’t sleep well when I do and these things can fall out of bed quicker than I can send an alert so it’s not worth the risk….much easier to short when they show signs of cracking…sometimes short even down to 0 like GVBP…this one will be nice, but I hope it gets above $1 first to give it more downside.
IMGG did not crack $1. Not even close. It reached $0.70. I shorted at $0.67 and took a small gain covering at $0.52. The downtrend is continuing and the event that they were hyping on 9/30/09 appears to have been a non-event.
The biggest tells here are with the promoter behind the stock and snapshot of the company. Read any news on this company with this thought. ”Enough to string you along believing it could be real”.
When trading in this arena, you have to be a cynic.