Shares of American Diversified Holdings Corporation (OTCMKTS:ADHC) moved lower in the previous trading session, extending its monthly fall to 73%.
Market Reaction
On Monday, ADHC stock fell 10% at $0.0027 with more than 4.44 million shares, compared to its average volume of 4.50 million shares. The stock has moved within a range of $0.0027 – 0.0034 after opening the trade at $0.0034.
Major News
Universal Wellness Holdings Corp, American Diversified Holdings Corporation (OTCMKTS:ADHC) on November 8, 2021, announced that the firm has done a lawsuit against Miroslav Zecevic, Mina Mar Marketing Group, Mina Mar Corporation as well as a group of Spanish entities for allegations of serious misconduct.
The complaint includes allegations of years of incorrect actions that have resulted in harm to ADHC shareholders. It said that Zecevic in September and August 2019 caused over 300 million ADHC shares issued to the entities but the amount was not received by ADHC.
It added that Zecevic arranged the money to be paid directly to Mina Mar Corp, Zecevic’s own business.
Furthermore, Zecevic set the price for shares issued to Tourist Cruise SL at 10% of the then-current price. The complaint attached purported “bank record from August 12, 2019, showing payment from Tourist Cruise SL to Mina Mar Corp for 62,500,000 ADHC shares.”
ADHC management added that after two years of witnessing repeated attacks on the shareholders, the lawsuit intends to send a statement to the defendants that the management will not allow the victimization of shareholders.
The company also sought damages and put forth images of a dozen publications as well as social media statements attributed to Zecevic.
Traders Review
ADHC stock is trading below the 20-Day and 50-Day Moving averages of $0.0041 and $0.0051 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.0080. The stock is down 16% over the past week.
