Microcap Movers for Thursday December 8, 2011

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Below are highlights from Benzinga's daily coverage of microcap securities. Benzinga provides comprehensive, objective, and conflict-free coverage of the microcap sector in real-time at
BenzingaSmallCap.com
.
Amwest Imaging
It was a wild ride Thursday for shares of Amwest Imaging, the Las Vegas, NV provider of web-based relationship building tools. Shares opened at $0.69 and rose steadily, hitting a high of $1.39 at 2:17pm, a gain of 117%. There was no new news since Tuesday's announcement of the acquisition of www.LokDrop.com, a virtual Cloud-based 256 bit key secured digital safe deposit box where users can access, store, share, transfer and backup digital information in an ultra secure Cloud-based, private and encrypted location. Just before 2:00pm, a press release was issued by investor George Sharp, naming Amwest Imaging insider, Phil Keuber, as a new defendent in a law suit claiming he was part of a pump and dump scheme. Shares of Amwest Imaging were dumped on the report to the lows of the day, $0.23. Benzinga attempted to contact Amwest Imaging, which lists only one employee, Jason R. Gerteisen, but there was no response. Amwest Imaging shares traded in a range of $0.23 to $1.39 Thursday, closing at $0.26, a loss of 58%.
Pacific Sunwear of California
Pacific Sunwear of California
PSUN
, the Anaheim, CA manufacturer of California lifestyle men's clothing and women's clothing, rose 10% Thursday on 9 times the average daily volume. Pacific Sunwear adopted a shareholder rights plan on Wednesday. Under the plan, shareholders will receive a dividend of one Right on each outstanding share of PSUN stock and if any person or group acquires between 15% to 50% of of the company's stock, the Board of Directors may exchange one share of the Company's stock for each Right. On Thursday, the company received an upgrade from Piper Jaffray and announced plans to close up to 200 underperforming stores. Shares of Pacific Sunwear traded in a range of $1.45 to $1.93 Thursday and closed at $1.49.
Tennessee Commerce Bancorp
Shares of Tennessee Commerce Bancorp
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TNCC
, the Franklin, TN bank holding company, fell 26% Thursday on almost twice the average daily volume. Trading in TNCC shares was halted briefly at 1:55pm after the company released an 8-K filing. The filing states: Pursuant to the terms of a Supervisory Prompt Corrective Action Directive issued on November 2, 2011 by the Federal Deposit Insurance Corporation to Tennessee Commerce Bank, a wholly-owned subsidiary of Tennessee Commerce Bancorp, the Bank was required to increase its capital to a level sufficient to restore the Bank to an "adequately capitalized" status and applicable FDIC regulations by December 2, 2011 or take any necessary action to result in the Bank's acquisition by another insured depository institution holding company or to merge with another insured depository institution. The Bank did not regain "adequately capitalized" status by the December 2nd deadline. We continue to work with our financial advisor to assist us in exploring and evaluating every possible strategic alternative that would allow the Bank to comply with the Directive. Nevertheless, the Company may not be able to find a viable alternative, and if no such alternative is found, it is likely that the FDIC will be appointed as a conservator or receiver of the Bank. Tennessee Commerce Bancorp traded in a range of $0.10 to $0.15 Thursday, and closed at $0.11. To get information like this on a streaming basis during the trading day, try a 100% free trial to
BenzingaSmallCap.com
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