SA Slams MITK, Stock Dropping

http://seekingalpha.com/article/3991421-mitek-directors-invo…

Mitek Directors Are Involved In Highly Questionable Past And Present Legal Proceedings Despite A Clear Statement To The Contrary Within The 2016 Proxy

Summary

Mitek has significantly increased in value after being added to known penny-stock (aka pump-and-dump) websites.

There are at least two directors who are/were defendants of legal proceedings (settled, lost, and ongoing) related to financial accounting manipulation in the midst of heavy insider selling.

The 2016 Proxy assures investors this isn’t the case despite public filings showing otherwise. There’s also heavy insider selling at Mitek.

Mitek also uses an obscure auditor.

RTI believes this is a case of “history repeating itself”, and has a price target of $3-4 (~50% downside).

2 Likes

…they, of course, are shorting MITK, but the sludge they are dredging up isn’t encouraging.

…they, of course, are shorting MITK, but the sludge they are dredging up isn’t encouraging.

This is a typical short hit piece designed to generate just that kind of feeling in the hope of lowering the stock enough to make a profit on the short side, legal but FILTHY.

Some short hits are real and I’m not saying to dismiss out of hand. You need to know your company, there is no substitute for knowledge.

Denny Schlesinger
No position nor interest in MITK

4 Likes