Pingify (PGFY) – Statements By Pingify’s CEO Omit Material Facts
GeoTeam, 08 May 2014
On the morning of May 6, 2014, we published a pump and dump investor alert about Pingify (OTCQB:PGFY) for GeoInvesting premium members: The company went public through a self-directed IPO, where the CEO received 25 million shares at a cost basis of $0.001 ($150,000). The company is touting its product as a lead generation tool to match buyers and sellers. As an example, here is an excerpt from its 2013 10-K.
Like many past successful pumps, the company’s SEC filings go into great detail about business strategies and market opportunities. There is no press release flow yet but a major third party promotional campaign by an “unaffiliated 3rd party” Laluna Services Inc. had commenced for $6.5 million. 50.1% of the stock is owned by the company’s President and CEO. The only other employee of the company is the CFO who owns no stock and does not receive any compensation. We find it hard to believe that the CFO is not being “compensated” in some manner.
