Note: The author has retracted this article. His statement appears below:
I have discovered that a statement I made within my article "Great Panther Shares Likely To Continue Limping Lower" was incorrect. The insider sales I attributed to executive chairman Kaare Foy based on information located here, here, and here, were, in fact, indirect rather than direct sales of Great Panther (NYSEMKT:GPL) shares. A writer for the Motley Fool found that: "all of the share sales cited were for shares held indirectly by Foy's investment company and were therefore wholly unrelated to his direct personal holdings in the company." I regret having accepted the faulty interpretation that these shares were directly sold by Mr. Foy, and I sincerely apologize for my error. Given that my argument that Foy seemed to be "cashing out" near the "apex" of Great Panther's stock appreciation was based on this mistake, I withdraw this claim. Since management was not directly selling shares at the peak, my suggestion that management was taking advantage of its elevated share price was also mistaken. I regret having made this claim, and I offer my apologies to Great Panther's management team.
Furthermore, I would like to congratulate Great Panther's management for being able to rapidly clear up the issue with excess inventory that I focused on within my article (Great Panther's press release issued Thursday August 18 can be found here.) Since many of my concerns about the company's poor performance in the second quarter of 2011 sprung from this now-resolved problem, I am much less concerned about the company's ongoing operations. I no longer maintain the bearish perspective on the company's shares that I originally took in my article published August 16, and I urge investors to disregard my previously-stated view that the company's shares were likely to continue falling.