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Shares of
Solarwindow Technologies IncWNDW plunged lower by more than 7 percent at $3.18 on Thursday after
TheStreetSweeper's Sonya Colberg published a scathing report on the company.
Solarwindow developer of electricity-generating SolarWindow coatings. According to Colberg's report, the company only has 3 full-time employees, $29 million in losses, has never earned a penny in sales and depends on financial backing by a "promoter" that was sanctioned by the Securities and Exchange Commission.
Colberg added that the Solarwindow's CEO earned more in 2014 than the company's entire R&D budget - "as the Wicked Witch of the West warned, this 'little party's just beginning.'"
Colberg further pointed out that Solarwindow's history dates back to May 1998. Since then, the company has changed its name, symbols and focus. However, the company has yet to commercialize a single product.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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