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MitoPharm (MTPM) Followup at Trader’s Narrative




MitoPharm (MTPM) Followup


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A few months ago I warned my readers about a penny stock on the pink sheets called MitoPharm (MTPM), saying I wished that I could short it. Immediately after, the price of the shares doubled (from $1 to about $2) which lead to some childish comments about my motives and my intellectual capacity.

Fast forward to now and I have people leaving ALL CAPS comments calling MitoPharm a “rip-off” and “a scam” while others are shell shocked and just want to know what happened.

mitopharm mtpm followup

Well, I tried to warn you. It was the least I could do since the people behind the scheme were targeting my Google Adsense account to promote it. This is part of the reason why Google and I parted ways.

Depending on which data source you use, the graph of MitoPharm will have a different price axis. That’s because on September 4th they announced a 250% stock dividend (issued September 14th 2007). So for each share outstanding, four were issued.

I don’t think this had anything to do with the collapse. This was a pure “pump and dump” scheme. If you want to see other examples, check out these other penny stocks. I’ve received email spam promoting each of them:

Symbol:CLRL — Email received October 22, 2007
Symbol:FFDH — Email received November 2, 2007
Symbol:HYBT — Email received November 4, 2007

There’s even a website which tracks the penny stocks touted in spam emails. I just can’t remember the name now although I’m sure I have it bookmarked or on delicious somewhere. If you know it, drop me a note.

Finally, I have to say that it is possible to make money from this sort of schemes. But, you have to be very careful and know the game. If you ride along with the promoter and exit before the “dump”, you should do fine. If on the other hand, you mistakenly believe that this is an investment, God help you.

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43 Responses to “MitoPharm (MTPM) Followup”  

  1. 1 Jim Ursetto

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    You’re probably thinking of http://www.spamstocktracker.com/.

  2. 2 Babak

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    Thanks Jim, it doesn’t look like the website I remember but the content is familiar. Maybe the owner changed the theme/look recently.

  3. 3 robert

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    I am an investor that has lost money in Mitopharm. I do not think that Mitopharm “promoters” scammed the investors. I requested feedback from the Mitopharm on this situation and received an email back from the management stating that they did not sell and take profit. According to their own rules they cannot sell any of their stock at this phase of the company development. The management seems as frustrated as the investors with the collase of the stock price.

    Judging by the high volume, could day traders be involved? Is it possible that they have milked the system of stock gains through stock price minipulation? or is it possible that someone could have bought enough stock to pump up the price (along with promotions) and sold off to take profits when the price peaked?

    I’m wondering — if Mitopharm management did not milk the system, and bad news did not drive the price down - then what did?

    I’m just trying to make sense of what happened? Any logical theory would be appreciated.

    Robert

  4. 4 Babak

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    robert, you have your explanation. Believe what you want.

  5. 5 Stephen

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    Robert, how much money did you loose? Also did you get ripped of with the 1:500 shares split. That is what happen to me. I went form having 31,250 shares to having 62 shares. So I lost hundreds of dollars. Not to mentioned it was borrowed money, because I was expecting great things from this company. It is sad

    I think Mitophram should say something to their investors.

    Stephen

  6. 6 Babak

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    Stephen,
    I didn’t lose anything. As I mentioned in my first message I wished I could short these POS to zero. Unfortunately, you can’t (well, you can technically… but that’s another story).

    oops, thought you were asking me :-)

  7. 7 robert

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    I lost plenty. 1:500 was bad, but I think that it was an attempt to stabalize the stock prices? At this point, I do not plan to sell - what is the point? I would get little or nothing for the stock and who knows, success may still arrive sometime in the future? Mitopharm is still moving ahead with production. Maybe Restorade will be the drink of the Chinese olympics - Ha Ha. Good Luck

  8. 8 Kemp

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    Usually when a company does a reverse its a sign the company is trying to recapitalized its self… I agree some news is needed. I believe the company still has product and is bringing it to market…. I wouldn’t think they would drag the Hong Kong University and Dr. Robert Ko’s name through the mud if they were truly running a scam - If they did the reverse to seek capital - they need to let us know….

  9. 9 rick

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    hey robert just what i thought you are some greedy individuals, i called you thirty times anmd you really strung us along, wow i will end up with $2.00,thanks we will never see that product and thanks for contactinmg me, you prick

  10. 10 dumbass

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    You lost hundreds? Ha… I lost $1000. Was up at one point. Should have left. Screw penny stocks. Come on XM… PLEASE. Got to make it up somewhere. Hey 2 bucks is what I got out of it too. Microfarm can milk a damn cow for all I care.

  11. 11 eric

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    MitoPharm can suck a fat one. That company should get sued. No warnings or anything. I put two thousand in eight months ago. Now it is worth $1.75. Give me a f’n break.

  12. 12 Dierk

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    I e-mailed Robert Adams to tell him my thought on it all. He stated that he’d pass the information on to Mitopharm. What a prick. Never even stated what had occured. They can rot in hell. It is a mistake to have bought into a pump and dump scheme. Live and learn.

  13. 13 Robert Adams

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    I would like to address the comments that have been posted. As you can imagine the phone calls and emails are coming in by the hundreds, we are doing our best to keep up and trying to get back to everyone. We were not aware of the reverse until after the fact and I have asked Mitopharm to post a release addressing the reasoning for a 500:1 split. Which they have agreed to do.

    Please understand that we were hired by mitopharm to provide Investor Relations service we will try and answer as many calls as possible and will respond to all the emails, including the threating ones.

  14. 14 LEE BROOKS

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    WELL ROBERT,WHAT THEY HAVE DONE IS STOLE THE MONEY FROM ALL THE SHAREHOLDERS.I DONT THINK THEY CAN PRODUCE ANY REASON FOR THAT! IT SEEMS LIKE CRIMINAL ACTIVITY TO ME.THE STOCK WOULD HAVE TO GO TO $80.00 A SHARE FOR ME TO BREAK EVEN! THIS IS TOTAL BS.AND BELIEVE ME I WILL NOT TAKE THIS LAYING DOWN !OH AND I TALKED TO YOU ON THE PHONE IN JULY AND YOU ASSURED ME THAT THE PRODUCT WOULD BE ON THE SHELF IN SEPT,WHAT SAY YOU ON THAT?

  15. 15 Brian

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    Well I lost money to, even Etrade could not explain what happened only to say they changed their ticker symbol over night??. Thanks for the posts at least now I know I have been screwed. Well at least I made some money off of them in the summer, possibly broke even overall.

  16. 16 Babak

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    Robert, why don’t you simply address the questions right here? A lot of Mitopharm shareholders are here and the least you could do is to answer their concerns and give them an honest explanation.

  17. 17 Robert

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    Robert Adams

    The total number of shares that are out is messed up on every listing that I can find. Do the math:

    Mitopharm started out with approx 100,000 shares, did a 1:3.5 split, then a 500:1 reverse split. The total at this time should be: (100,000 x 3.5)/500 = 700 shares.

    Most of the listings I find show 399,000 shares, one shows 3000 shares out (big difference from 700 shares!!)

    What is the problem here? Is word of the 500:1 split not out? How many shares are out at this time? If different that 700, why?

  18. 18 Robert

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    FYI to Mitopharm Investors: I asked some questions of Mitopharm and this is what I received:

    Subject: Re: Products

    Date: Tuesday, November 13, 2007

    1) Do you have any idea what is going on with MTPM stock. Volume was over
    one million shares today - many times the total number of shares. By
    today’s price at 2 cents, I have lost a lot of money investing in your
    company and I cannot understand what is happening?

    2) What is the name of the company in China that is producing your products?
    How will they be marketed? When and where do you expect to have products
    available?

    3) One investment website indicated that MTPM was a scam. They claim
    that the owners have hyped the company to get buyers into the stock then
    sold out to take profits. I think better of Dr. Robert Ko and HKUST to
    believe that this is the case, but collapse of the stock price does not
    leave alternative explainations. I could not find any news to drive the
    price down so sharply. Do you have any comments?

    *******************************************************

    Dear Mr. Robertson,

    1. For the increase in volume and decrease in price, management at
    MitoPharm is very frustrated. We attribute the selling to be from
    unfriendly shareholders with ill intent.

    2. Regarding the comment that MitoPharm is a “scam”, it cannot be
    farther from the truth; MitoPharm is doing the best it can to
    establish itself by introducing innovative products. All founding
    shareholders and all management have only restricted stocks that
    cannot be sold in the market. Be rest assured that management will do
    the best to protect the interests of shareholders.

    3. We are in the process of contracting out part of the manufacturing
    process; that will include some companies in China. The names of the
    contractors will be disclosed at the appropriate time.

    Best regards

    Management

  19. 19 Stephen

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    Robert, this statement has not addressed the issue. Why a reverse spilt without notifying shareholders at first, why a change in symbol without notice. I have some stocks with another company, they changed their symbol just recently and everyone was informed and the shares were not reversed.

    The only thing that will make all of Mitopphram’s investors happy is when they do something significant to revive our shares and lost of money. I understand their is s risk with stocks, however this was not a risk, this was a scam. Even my attorney agrees. Straight up scam.

    I’m not going to stop until something is done. This is unfair to these people who believed for the best with this company.

  20. 20 Robert

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    Stephen,

    My information was FYI of two weeks ago. I agree all of these questions need to be answered. I think that we also need proof that management did not dump their stock and proof that the products are really in production. It was publicly announced that their products would be available in stores this Fall. I think that Mitopharm would have major problems if these claims are not true.

    I think that Robert Adams should address these issues ASAP. If Mitopharm wants good investor relations, they need to start communicating with investors immediately.

  21. 21 Stephen

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    Robert you are the one in the hot seat. Our only way to those scams are through you.

    The reason I am very harsh with my words is because Mitopharm is not saying anything or adressing the situation. It only a lot of bull and crap I’m hearing, that just’s not making any sense.

    If this situation is not reslove before Christmas, I am filing a law suit aginst the compoany. I have my lawyer on retainer. He’s ready to go after them so you guys better come up with something quick, fast and in a hurry. I will also take this on national T.V, if I have too. This is a story that they would love to air and it will damage the reputation of the company and their products.

    Please do something because I am tired.

  22. 22 peggy

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    interesting on kudlow and co tonight. Ben stein- talked of insiders who lower the price of stock to be able to short it.Insiders I guess that would be anyone who has knowledge that is not yet public. sounds like what happened here. It is illegal.
    ,
    1]purchased 1700 shares in price range of 2.05-1.31-impending dividend 250% a motivator. as a new investor,did not know what this could mean on the negative.

    2]after dividend split-shares 5,950 price at .45.bought 1,000 at .26- then 1,050 at .25-due to Robert Adams comments and seeing on public web that was in process of distribution and to be in stores in fall-Robert Adams stating that the stock was acting normal , that it would go up to 1.50. {MY total stocks 8,000]

    3]by diluting the stocks to a uniformed lower price with large dividends-stock as we all know just plummeted-large volumes traded on any gain ,after announcement of being processed in china. news attention caused stock to gain went up to 15-then dumped.

    4] stock seemed sold short to .02-then the R?S-my 8,000 shares to 16. I understand one of the replys points out that on nov 13th-very large volume of shares were traded.
    5] Brenda, did u make it to seattle-what came of it with mito
    6] i tried to find their seattle address on search- there was no such listing. i put in the address on union st.

    I am not sure where to post -this the followup or other. in any case I read both.

    7]still no response from Robert Adams nor Mitopharm to my emails. everytime I have ? this stock, I got no response.

  23. 23 Stephen

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    Have anyone heard from Brenda. I know she was to take a trip to Seattle to see if Mitopharm is a real company. This is Tuesday and no word, I hope they did not kidnap her. Anyway, let’s keep sticking it to these demons call Mitopharm.

  24. 24 Babak

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    MitoPharm investors may want to contact investigative business reporters like Herb Greenberg to get some media coverage:

    http://blogs.marketwatch.com/greenberg/

    Herb is a pit bull. If he latches on, MitoPharm will feel the pain. You can comment on his blog (above link) or click on his name after his articles to get a screen where you can email him a message.

  25. 25 BARGAV

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    I lots 2000 too. I can onoly curse me. It was my first investment. Wanted to see what divided is. I was on the conference call too. They re assured we have a good product. Hope they start manufacturing. May b some day it will make my loss less.

  26. 26 kaikoa

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    Well, still no news from Robert Adams or Mitopharm… what possible explanation could they offer anyway? “Yes, we robbed you blind…”

    Has anyone contacted Jeff Bishop, Editor at Beacon Equity Research, regarding Mitopharm and Robert Adams? Beacon’s Analysis Report is one of the reasons I invested.

    Also, according to Josephs’s Nov. 20 post on http://www.tradersnarrative.com/wish-i-could-short-mitopharm-mtpm-988.html#comments RObert Adams may have been a creator of Beacon Equity Research. mogulir is one of Robert Adam’s email accounts. See copied text below:

    Author: mogulir
    Posted: 29/Jul/2007 at 11:00:50 which do you feel is a better site the agoracom site or www.beaconequityresearch.com and would this one be cheaper to build

    http://www.beaconequityresearch.com/index.php?option=com_content&task=view&id=496&Itemid=62

    http://www.beaconequityresearch.com/index.php?option=com_content&task=view&id=22&Itemid=29

    Or how about Scott Key at http://www.stocktalkjournal.net/ This was another newsletter that was pumping the MTPM stock. How many of these guys do you think were involved/working together on this?

    Any news on legal recourse against these scammers? I think we need to get the word out on these guys on all the penny stock blogs.

    What comes around goes around in the end.

    Happy Holidays to all. : )

  27. 27 kaikoa

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    Just received an email from Robert Adams in response to my email:

    Still no news? No explanation at all? No press releases? How do you expect anyone to believe this was not a scam?

    Robert’s reply:
    —-

    Peter Cheung is handling all investor relations matters with his company at this time. His email address is p.cheung@telus.net

    Best Regards,

    Robert Adams
    Investor Development Group, Inc.

    713-401-9333 Phone
    713-885-1918 Mobile
    888-573-5024 Fax

    robert@investordg.com Email
    www.investordevelopmentgroup.com
    —-

    Let’s see what Peter Cheung knows… I will let you know if/when I hear back from him…

  28. 28 Brenda

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    Hi all - I feel like we have become a family. I have to sell MTPM or MTPH (depends what day of the week) before 1/1/08 to take my tax deduction. Just doing some research and found something that interesting below on the filing of MTPH. MTPH was Eurosoft Corp. The company did not succeed in its Y2K operations and had no revenues in 6/03 when they last reported. Note, Computer software consulting keeps coming up - where is the bio tech part of this?
    Peter Cheung and Robert Adams come out and tell the truth. Soon the media will be watching. Keep in mind you don’t know who any of us are or who we know in the right places. Maybe, we even know people in HK?

    “Peter Cheung”
    Latest Filing: 6/12/07 as Signatory
    As: Signatory (Director, Officer, Attorney, Accountant, Banker, Agent, etc.)
    List All Filings as Signatory

    Search Recent Filings (as Signatory) for “Peter Cheung”
    “Peter Cheung” has been a Signatory for/with the following Registrant:

    * Mitopharm CORP [ formerly Eurosoft Corp ]

  29. 29 peggy

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    Just want to say hi all, and Brenda,bless u-I believe u are not someone to mess with. I am glad that u are on our side.I don’t know who u are or who u know,but, I got a feeling it is a mighty one. I feel some comfort from the emails here. I have been devastated by this. Mitopharm was my first time out in the stock world. thought I studied all I could and followed for a few months, and Robert Adams comment on stockwire that it was to be in stores in sept, really pushed me to purchase.

    keep us informed if there is something we all need to do.
    What a bunch of crooks. Find it hard to believe that Robert Adams is innocent in wrong doing here.

    I am a retired nurse and had alot of faith in this stock. what a painful experience. Our money never got a chance to do an honest race.

    I know my money is gone,but, justice needs to be served.
    I have been so down on myself for being so stupid and trusting.

    I have emailed Robert Adams, mitopharm, which I noted Robert Adams is not listed anymore on their site as PR man. I Also emailed Peter cheung.No response.

    would like to say at this time. everyone have a merry xmas-hope for a better new year, and to take count of all that u have to be thankful for.

  30. 30 Babak

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    If its any consolation, if anyone googles Mitopharm, they can easily find this blog and read what this company truly represents. Which was one of my intentions when I first wrote about this pump and dump scam.

  31. 31 Roger I

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    I lost 16 grand. Bought 73000 shares at various prices. Ended up with less than a hundred dollars when I sold this worthless *&*^%^&. I found that after a while of frustrating effort,depending on where u look, Mitopharm has 2 corporate headquarters, one in Seattle and one in Vegas. Neither are legit addresses. Phone calls get disconnect recordings and there are two CEO’s listed. One male, one female. This is definitely a SCAM. Babak, you ticked me off early on, but now I wished I had listened. I only hope some people did.

  32. 32 Robert

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    I got burnt big time with Mitopharm. Obviously, they have taken our money and ran. I listened to the big conference call last September when they announced that they would have products in production and out in stores soon. Now, there is no news of any kind and no contacts. The only thing that was missing in this robbery is the mask and the gun. I filed a complaint with the SEC as I hope many of you have. Hopefully, the crooks will be brought to justice - let’s keep the pressure on and maybe the SEC will track them down: Dr. Ko, Peter Cheung, Robert Adams and anyone else who was involved in this “pump and dump” fraud. Obviously, there never was any products or any plans to market made up products.

    Good luck to all of you have lost money as I have - no more “pink sheets” for me - lesson has been hard learned.

  33. 33 annette

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    Just a quick note. Beware! Their at it again but this time they call it Purple (PPBV) How funny, you can get their great report from Beacon. Oh and Mitopharm is now under MTPM and worth a whooping 2 cents.

  34. 34 Peter

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    Got burned to the tune of $200 - guess I’m lucky that’s all I lost.
    It is a shame - did due diligence - product seemed scientifically solid.
    Hope they go to jail —– soon.

  35. 35 LEE BROOKS

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    has anybody got any new info or heard back from sec ?

  36. 36 Babak

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    Lee, as a rule the SEC doesn’t comment so the only thing you’ll hear is either silence or a court case.

  37. 37 Robert

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    I think that we should consider a class action law suit. Also, I think that we should do some research and determine the where-abouts of Dr. Ko, Peter Cheung and Robert Adams and let their employers and anyone else associated with them know about this website and their scam. It is obvious that they were pumping up their stock with their September teleconference before they dumped us - since that was the last of their news or contact. I’m not into revenge, but justice and there is a difference. If we do not seek justice, they will be back with another scam and who know how many scams they have had before this one? Does anyone know for sure that Dr. Ko really exist? and was or is he a professor at Hong Kong University? If so, HKU needs to know how they have used the name of their University in their scam. Does anyone want to accept assignments to do some investigations into these questions and report back? or does anyone already have answers to these questions?

  38. 38 James

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    Hey all,

    I lost like a hundred on MitoPharm, like many of you it was a somewhat uninformed leap into stocks, luckily it was not something that I put a lot of confidence or money into.

    In regards to Ko, I looked at PubMed and found 7 articles that I believe him to be the author of. They contain information on traditional chinese medicine. I would point out two things here.

    1. The author is listed as a member of the Department of Health Services in California.

    2. The articles mostly concern themselves with poisoning concerns by traditional medicines.

    I looked at articles by other “R Ko” authors but found nothing that looked remotely similar to mitochondrial metabolic molecules nor anyone by that name associated with Univ. Hong Kong. As an immunology grad student I use PubMed a lot, but didn’t mine every article here, you’re welcome to look yourselves.

    Cheers.

  39. 39 Robert

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    James,

    I appreciate your input regarding Dr. Ko. I notice that there website does not come up and appears to be dead. Fortunately, I copied all of their pages for reference including Dr. Ko’s email address at UHK which is: bcrko@ust.hk
    I emailed him, but got no reply as expected. I think that if we keep digging, we can get some answers. Dr. Ko and his partners took us for a ride and we need to make them accountable. Obviously, their products have not arrived on store shelves as we were mislead to believe.

    Regards,

  40. 40 Eugene

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    You can find old partial copies of the MitoPharm.com webiste
    at the “Wayback Machine”:

    Choose Your Date Here:
    http://web.archive.org/web/*/http://www.mitopharm.com

    Main Homepage (Dated May 09, 2007):
    http://web.archive.org/web/20070509060157/http://www.mitopharm.com/

    About Dr. Robert Ko:
    http://web.archive.org/web/20070515095931/www.mitopharm.com/robert.html

    If there is any information that you deem important, it is best you
    copy and record it now before it has a chance to disappear.

    Eugene

  41. 41 frs

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    Another interesting article from your blog :) When will it stop….hopefully never

  42. 42 Roger

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    Doubt any of those who were burned will check in here, but the SEC finally nabbed these criminals. It was a huge scam. But there have been many schemes like this, and there will continue to be more, unfortunately.

    http://ottolaw.com/

    I live in Seattle, but just heard of this today, when i saw the SEC release.

  1. 1 What Is Really Going On With The Price Of Crude Oil?


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