- Live Ventures (NASDAQ:LIVE) has opened up to the downside again, -1.1%, after the release of a letter to shareholders addressing the stock's recent slide.
- Last week shares fell 25% -- including a drop of 12.7% on Friday that could have been worse if not for a stock purchase of more than $250,000 worth by CEO Jon Isaac.
- That day's move was precipitated by a short report that charged the company with paid promotion of its stock.
- "With regard to any negative articles recently written about us by those attempting to manipulate our stock for their profit, we vehemently deny all of their false and misleading statements and allegations," Isaac writes in the new letter, saying people who spread disinformation about a company are committing securities fraud.
- The company is working to obtain data on parties that might be nakedly shorting the stock, it says.
- Isaac also says that in an "abundance of prudence," the company maintains a low cash position since it choose to use virtually all the cash it generates to pay down revolving lines of credit -- cash that "is easily accessible to us, as needed."