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Midas Edge

ABAKAN, INC ABKI (last ticker on record)

CIK 1400000Its SEC filings (opens in a new tab)

  • Restatement
  • Restructuring
  • 95% wipeout
  • Bankruptcy
  • SEC/DOJ scrutiny

These figures describe clients, not conduct. A lawyer or firm can serve many companies that later had trouble for reasons that have nothing to do with their work, and nothing here says any lawyer or firm did anything wrong.

Red flags
5
Newest began Sep 2017
Largest fall in its shares
99%
May 2013 to Dec 2015
Law firms
1
Linked to 5 or more companies
Lawyers
1
Linked to 5 or more companies

What happened

  1. SEC administrative actionSEC order (opens in a new tab)
  2. Bankruptcy or receivership (Item 1.03)Form 8-K (opens in a new tab)
  3. Bankruptcy or receivership (Item 1.03)Form 8-K (opens in a new tab)
  4. Bankruptcy or receivership (Item 1.03)Form 8-K (opens in a new tab)
  5. Bankruptcy or receivership (Item 1.03)Form 8-K (opens in a new tab)
  6. A filing mentions a formal order of investigationForm 10-K (opens in a new tab)
  7. Shares down 95% from their high
  8. Debt accelerated (Item 2.04)Form 8-K (opens in a new tab)
  9. Said its accounts could not be relied on (Item 4.02)Form 8-K/A (opens in a new tab)
  10. Said its accounts could not be relied on (Item 4.02)Form 8-K (opens in a new tab)

An SEC release can name a company’s officer, or its stock as what a scheme sold or moved, so the company may be the victim. Each link goes to what to read.

Law firms

The ratios are about all the companies linked to each one, this one included: how many had that outcome, as a multiple of what comparable companies show. 1.00 means no more than expected.

Lawyers

The ratios are about all the companies linked to each one, this one included: how many had that outcome, as a multiple of what comparable companies show. 1.00 means no more than expected.