Uranium Energy (UEC) Trades Lower on Negative Article
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Uranium Energy (AMEX: UEC) shares are trading lower today, as CitronResearch.com was out with a negative article about the company on Friday, citing banned stock promoters, secret offshore accounts, and foreign management, as several reasons why the company should not be trading at the current level that it is, despite the "uranium rush" of late.
Citron starts with CEO Alan Lindsay, which they call a career "deal maker." Recent filings show that he has been involved in a mess of unprofitable companies, and recently resigned as Chair and CEO of MIV Therapeutics, which trades on the pink sheets now with a "skull and crossbones warning for either unethical promotional activity or fraud."
The continue that the company CEO, Amir Adnani, 32, has little experience, with his last big leading role a investor relations firm called Blender Media. Adnani is Lindsay's son-in-law.
Citron then looks to Harry Anthony's record. Anthony is the face of the company in Texas, and the company's Chief Operating Officer. Citron says that the last projects that he was involved in were over 20 years ago, both of which "turned out to be “environmentally challenged” and never turned any revenue or profits for the company."
There is more from Citron,
Interesting bits include press releases that are "materially misleading," and one striking comparison:
"For investors wanting to speculate on uranium resources, compare UEC to [Uranium Resources, Inc. (Nasdaq: URRE)] – which controls a purported 100 million pounds of uranium resource — over 8 times UEC’s uranium resources, yet trades for $100 million less market cap than UEC!"
Shares of UEC are 3.7% lower this afternoon.
Citron starts with CEO Alan Lindsay, which they call a career "deal maker." Recent filings show that he has been involved in a mess of unprofitable companies, and recently resigned as Chair and CEO of MIV Therapeutics, which trades on the pink sheets now with a "skull and crossbones warning for either unethical promotional activity or fraud."
The continue that the company CEO, Amir Adnani, 32, has little experience, with his last big leading role a investor relations firm called Blender Media. Adnani is Lindsay's son-in-law.
Citron then looks to Harry Anthony's record. Anthony is the face of the company in Texas, and the company's Chief Operating Officer. Citron says that the last projects that he was involved in were over 20 years ago, both of which "turned out to be “environmentally challenged” and never turned any revenue or profits for the company."
There is more from Citron,
Interesting bits include press releases that are "materially misleading," and one striking comparison:
"For investors wanting to speculate on uranium resources, compare UEC to [Uranium Resources, Inc. (Nasdaq: URRE)] – which controls a purported 100 million pounds of uranium resource — over 8 times UEC’s uranium resources, yet trades for $100 million less market cap than UEC!"
Shares of UEC are 3.7% lower this afternoon.
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