It has been a pretty tough week for Cybernetik Technologies Ltd (OTCMKTS:HPIL) investors as the stock has been in a bit of a free fall over the past week. The trend continued on Thursday as the stock declined by 11% and that took its decline for the past week to as much as 26%.
In this regard, it should be noted that there was no news about the company on Thursday that could have led to the decline. However, earlier on in the week the company had announced that it hired the services of the top tier New York based securities firm Sichenzia Ross Ference. In addition to that, the company announced that it hired the Toronto based auditing firm SRCO Chartered Accountant as well.
These are both important developments and the Chief Executive Officer of the company Stephen Bowen said as much. Bowen said that he was pleased to have secured the services of two highly professional and experienced firms. He went on to add that the two firms are going to be very important for the future of Cybernetic Technologies. While it was an important development it did not create much of a buzz among investors.