Benzinga's Microcap Movers for Friday March 9, 2012
Below are highlights from Benzinga's daily coverage of microcap securities making big moves:
Shares of Dynegy (NYSE: DYN), the Houston, TX producer and seller of electric energy, fell 35% Friday on 14 times the average daily volume.
Susheel Kirpalani, an attorney appointed to be an independent examiner, said Dynegy engaged in a “constructive fraudulent transfer” when its parent company bought coal-fired power plants from its wholly-owned subsidiary, valued by the company at $1.25 billion. Kirpalani said Dynegy “transferred hundreds of millions of dollars away from Dynegy's creditors in favor of its stockholders”.
Dynegy announced Wednesday that it has received an executive summary of the report filed by the examiner appointed in the chapter 11 bankruptcy proceedings for its wholly-owned subsidiary Dynegy Holdings LLC and four of DH's subsidiaries. The Board of Directors of Dynegy and the Board of Managers of DH take the examiner's findings seriously and intend to review the full report, once it is made available, to determine its impact on DH's chapter 11 proceedings, if any.
Dynegy closed at $0.76 on Friday.
Shares of Sunpeaks Ventures (SNPK), the Silver Spring, MD distributor of specialty drugs and over-the-counter branded multivitamins, rose 38% Friday on 98 million shares.
Sunpeaks Ventures has been the subject recently of several newsletter and chat room pumps. The company did announce it was about to hire a current National Basketball Association head coach as its spokesperson.
Sunpeaks Ventures closed at $0.60 on Friday.
Shares of Coffee Holding (NASDAQ: JVA), the Staten Island, NY manufacturer, roaster and distributor of roasted and blended coffees, rose 35% Friday on 12 times the average daily volume.
Coffee Holding reported in-line earnings Friday and better than expected revenue. The company's shares had been actively traded over the spring and summer of 2011, reaching a peak just below $30 per share in July.
Coffee Holding closed at $10.60 on Friday.
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