Earlier this week on August 29 Lotus Bio-Technology Development Corp (OTCMKTS:LBTD) had been in the news after it had come up with an update to its shareholders. It could be a good idea for investors to take a look at some of the highlights and then make up their minds about the company’s stock one way or another.
Trading Data
On Tuesday, LBTD stock ended flat at $0.0371 with 126.30K shares, compared to volume of 77.77K shares. The stock moved within a range of $0.0371 – 0.0371 after opening trade at $0.0320.
Lotus Bio-Technology Development Corp. Releases Shareholder Update Addressing Securities and Exchange Commission’s Complaint
Lotus Bio-Technology provided the update with regard to the civil complaint that had been made to the SEC with regard to insider trading by a former officer. The company noted that the offenses were committed by someone who worked for Lotus Bio-Technology many years ago and no one from the present management was involved.
In addition to that, Lotus Bio-Technology also noted that it had in fact conducted an internal investigation into the whole matter and had found that no one who had been mentioned in the SEC complaint had been involved in the whole affair.
Lotus Bio-Technology also announced that it had decided to hire a securities attorney who was going to take charge of any compliance issues moving forward. Lastly, Lotus Bio-Technology also announced that it was going to have a new transfer agent from September 2 this year so as to make sure there is no links to previous activities.
Technical Data
LBTD stock is trading below the 20-Day and 50-Day Moving averages of $0.0745 and $0.0656 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.0503. The company has a total market capitalization of $29.03 million.
