Allied Security Innovations, Inc. (PINK SHEETS - ADSV) rose 70% to close on its high today at $0.41 on a trade alert from OTC Tip Reporter. Trading volume exceeded 63 million shares, eclipsing yesterday's volume of 52 million shares. These volumes levels are well in excess of the 90-day average.
In February of this year, the company filed a federal lawsuit against Erik Hoffer. ADSV claims that the latter deliberately published false statements about ADSV's financial position. Since then, the only updates from the company were based on the lawsuit. Therefore, the true reason for ADSV sudden price rise is not clear.
Yesterday, for example, a trade alert from OTC Tip reporter was detected suggesting ADSV could turn into a momentum play. Unfortunately, it is not possible to estimate if the alert could have influenced the trading session. OTC Tip Reporter did not receive compensation for including ADSV in the watch-list for Wednesday.
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