I wasn't planning to spend a lot of time writing about this penny stock after last week's Biotech Stock Mailbag, but then the angry emails and comments came flooding in. On Tuesday, Generex issued a press release demanding I retract my "false and misleading" article. At the same time, I received a punchy letter from Generex CEO Anna Gluskin, via her attorney, in which she called me "malicious."
The Hostile React-o-Meter went to 11!
For a veteran reporter and columnist like myself who enjoys nothing more than exposing the modern day snake oil salesmen of the biotech age, Generex's all-bluster-no-bite protestations are a huge red flag.As I burrow into Generex, it becomes apparent almost immediately that the company is using science and the quest to develop an alternative insulin delivery method not to actually help diabetics but as a ruse to perpetuate a 15 year-long stock promotion scheme. In the process, investors are getting fleeced while Generex management earns millions of dollars in compensation.
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