Boston, MA 05/07/2014 (wallstreetpr) – Pingify International Inc (OTCBB:PGFY) nosedives by almost 50% during the early market trade after the news emerged that its Chief Financial Officer and Director, Vlad Milutin has resigned from the position.
Resignation And Request For Investigation
Milutin’s decision to step down from the board comes as an objection to the recent spate of the promotional campaign that artificially inflated Pingify International Inc (OTCBB:PGFY)’s stock prices and trading volume. As per Mr. Milutin, the promotional drives, which are also known as a pump and dump scheme, have ballooned the prices of the stock to the extent that they are far away from the real valuations. Mr. Milutin stated that the inflated prices have made thousands of investors vulnerable to excessive losses that are difficult for him to bear. Milutin further revealed that he does not own a single stock of the company and never promoted anyone to become an investor either. Lastly, he urged the Securities Exchange Commission (SEC) and FINRA to set up an inquiry about the trading of the shares so as to identify those involved in the unethical play.
Milutin in his letter to Jason has openly elaborated his distress with the recent events as he suggests that neither the company has assets nor prospects to match up the exaggerated statements presented in one of the promotional campaigns from StockTips.
Pingify Issued Comments
On Monday, Pingify International Inc (OTCBB:PGFY) released a press statement mentioning that it has been notified by the British Columbia Securities Commission (BCSC) about several promotional campaigns being run for the company from May2, 2014-May 5, 2014. The company noted that such promotional drives have resulted in a significant increase of its stock prices. The company stated that none of the officers or directors are either authorized or have participated in such promotional schemes. During its statement, the company also mentioned that it has no direct or indirect benefitting connection with Laluna Services Inc., which was highlighted in one of the promotional newsletters.