Worst IPOs of 2009: Biggest Stock Flops
NIVS IntelliMedia Technology
While China had some of the most successful IPOs of 2009, it also had the worst.
NIVS Intellimedia Technology (NIV) makes audio and video consumer products like LCD televisions and DVD players.
The company came to market on March 13 pricing shares at $3.50 each. Since then the stock has sank 37.4% to close on Dec. 8 at $2.19.In its third quarter, profit grew 22% to $5.8 million, or 14 cents a share, compared with $4.8 million, or 13 cents, in the year-ago period. Revenue also jumped 6% to $52.4 million from $49.4 million in the third quarter last year.
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