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Another Penny Stock To Avoid

 December 05, 2012 09:47 AM


I received a "newsletter" today from Legendary Stocks.  Now with a name like "Legendary Stocks," you would think the companies would have a long prior existence.  But the stock mentioned I can't even find on EDGAR, which is different from all the other penny stocks I have analyzed.

As with all the rest, this doesn't smell good.  This is a company with small revenues, negative earnings, and negative book value.  Though it trades in the US under the ticker IMNG, I can't find much data on it.  Even their website has no investor data.  That is abnormal.

Oh, this was a part of Legendary Stocks, 5-point type size  disclaimer:

Legendary stocks has been contracted to receive and manage budget of eight hundred thousand dollars by a third party prime star communications agency for coverage of iMing. In addition, The Legendary stocks expects to receive new subscriber revenue as a result of this advertising effort. (Emphasis mine)

[Related -Landstar System, Inc. (LSTR): Trucking 26.77% Higher Says BB&T Capital]

Leaving aside the concept that many Chinese stocks listed in the US are scams, where assets and earnings are misrepresented, there is little independent data to work with here.

But given the 93% decay rate on promoted penny stocks, I predict that by my next birthday, 12/5/2013, IMNG will trade for less than 10 cents a share, adjusted for reverse splits from the present.

I say to all who hear me: avoid promoted stocks.  Buy what you have analyzed: don't trust what others think, even me.

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