Post by The Ultimate Nullifier on Apr 6, 2016 0:09:21 GMT -6
Strange goings-on at Wizard World. If you’re looking for a way to make a financial bet on the convention industry boom, Wizard World is about the only publicly-traded option. But if you go that route, pack a seatbelt. The over-the-counter penny stock has been subject to a lot of turbulence in recent months. Monday morning, WZD plunged from $0.45 per share to $0.30 – a huge percentage decrease – on trading volume six times greater than average. It eventually closed at $0.37, a nearly 20% single-day drop.
The company has not reported quarterly earnings since November 2015. There have been only a few disclosures from the company in recent months:
February 10: John Maata, a longtime entertainment industry lawyer and veteran of the CW Network took over as independent non-executive Chairman of the Board, displacing John Macaluso, who remained CEO.
February 23: Wizard fired its accounting firm and hired a new independent CPA.
March 8: Randall Malinoff, an entertainment industry marketing executive with no obvious events management experience, was brought in as interim Chief Operating Officer for successive 90 day periods.
That’s an interesting sequence of announcements for a company that is about to stage its premier event, Wizard World Philadelphia, in early June with a celebrity lineup that industry insiders speculate could be costing well over a million dollars in guaranteed appearance fees. And something just caused the stock to plummet again Monday morning. Wizard World did not immediately return requests for comment.