This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Ampio Pharmaceuticals Issues Statement Regarding Misleading Blog

Stocks in this article: AMPE





GREENWOOD VILLAGE, Colo., June 7, 2013 /PRNewswire/ -- Ampio Pharmaceuticals, Inc. (NASDAQ: AMPE) has chosen to respond to a Seeking Alpha blog entry posted by Joe Dredly of Greenwich Research.

(Logo: http://photos.prnewswire.com/prnh/20120516/MM09116LOGO)

The company wants to reassure the shareholder base that the transfer of our listing to the NYSE MKT is intended to help protect the shareholders' interests and the company has no plans to do an additional financing at this time.

Michael Macaluso, Ampio's Chairman and CEO, noted that Mr. Dredly's article "50 Shades of Gray..." purported to be in the best interest of the shareholders when it was clearly intended to damage the existing shareholders by triggering a downward pressure on their stock holdings.  It is important to understand that the Dredly article is predominately a lengthy quotation from a December 2011 article by an anonymous blogger calling himself the "Banker", also published on the Seeking Alpha blog.  Tellingly, Mr. Dredly did not allow the readers to know the identity of the author of this previous article.

This initial article was authored by Peter Benjamin Bortel, AKA "the Banker" a broker, already under investigation by the SEC at that time, and working with a group of short selling speculators.  Mr. Bortel had received a June 15, 2011 SEC "Order instituting administrative and cease and desist proceedings pursuant to sections 203(e) and 203(K) of the Investment Advisers Act of 1940, Making Findings and Imposing Remedial Sanctions and Cease and Desist orders.  The SEC order read as follows:

" The Securities and Exchange Commission ("Commission") deems it appropriate and in the public interest that public administrative and cease-and-desist proceedings be, and hereby are, instituted pursuant to Sections 203(e) and 203(k) of the Investment Advisers Act of 1940 ("Advisers Act") against Pegasus Investment Management, LLC ("PIM") and Sections 203(f) and 203(k) of the Advisers Act against Peter Benjamin Bortel ("Bortel") and Douglas Wayne Saksa ("Saksa") or ("Respondents" collectively).

Mr. Macaluso added: "The Dredly article simply embraces the discredited, two year old assertions of Mr. Bortel, without identifying the original authors name or the fact that he was under a SEC cease and desist order at the time of his anonymous post and that a second SEC investigation was triggered by this same article."

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,778.15 +421.28 2.43%
S&P 500 2,061.23 +48.34 2.40%
NASDAQ 4,748.3960 +104.0840 2.24%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs