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Investors Should Beware of Citron Research, Plug Power

In May of 2011 at Seeking Alpha, I wrote a pair of articles raising questions about a company called Green Automotive (GACR).

If I may say so myself, it's some of my best work. Much like Weinstein's efforts with respect to PLUG, I called out individuals with iffy, at best, track records. I also questioned the company's claims about its business and the unscrupulous ways it went about trying to sell its stock to unsuspecting investors.

Of course, the company responded with threats:

(Former GACR CEO) Mr. (Fred) Luke went on to say that recent criticism by a financial writer who represents to be closely following this newly developing Electric Vehicle industry, appears to me to be doing the subject matter and his readers a great disservice by not conducting any real due diligence, and therefore lacks the facts to substantiate his negative editorial comments ...
... For that matter this reporter could be collaborating with some of the short-sellers. Why else publish something which is full of negative mis-statements and a painfully incomplete analysis of all of the publicly-accessible news and other publicly-accessible facts, unless you really didn't care about doing a good job maintaining balance. I'll let the regulators the Company's attorneys pursue this as we have other, more important things to deal with related to the timely launch of the company's All-Electric SUV late this year?.

Here's a look at the GACR chart, from May 2011 to intraday trading Wednesday afternoon:

GACR ChartGACR data by YCharts

At the time, I lost money on another penny stock. One I was sure was going to do well. Emotion took over, clouded my better sense and cost me. Luckily, I was diversified in electric vehicle-related stocks at the time, so things turned out alright.

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