Solar Integrated Roofing Corporation (OTC:SIRC) Stock Continues To Trend Lower
Among the many companies that had come into the news cycle on Thursday, Solar Integrated Roofing Corporation (OTC:SIRC) could well be one of the companies that could be worth looking into. The company is an integrated and single-source provider of roofing, solar power, and electric vehicle charging systems.
Last week, the company came into focus after it announced that it had hired a new general counsel in the form of Jason Ostendorf. The Chief Executive Officer of the company, Brad Rinehart, spoke about the development as well. He noted that everyone at the company was pleased to have hired the new general counsel. He added that Ostendorf started during the week. He went on to note that, in addition to his considerable experience in litigation, Ostendorf also held shares in Solar Integrated Roofing Corporation.
Ostendorf spoke about the appointment to the position as well. He noted that he was thrilled at the opportunity to work directly towards the success and growth of Solar Integrated Roofing Corporation as a company. He also spoke about the fact that he was fully committed to holding the former Chief Executive Officer of the company, Dave Massey, accountable for his alleged unethical conduct. Ostendorf also noted that they wanted to do what was right for the shareholders of the company and usher in an era of better transparency at Solar Integrated Roofing Corporation.
In this context, it could also be a good move to take a closer look at the credentials of Ostendorf as an attorney. He boasts a proven track record of having represented consumers in fraud-centric cases. During his career, which spanned more than 16 years, he was heavily involved in cases related to consumer protection and fraud-related claims. However, it is also important to point out that he is well versed in litigation and trials as well. Ostendorf managed a number of bench and jury trials during his career, which also helped him earn a reputation as a tough opponent.
On November 8, Solar Integrated Roofing Corporation provided an update with regards to short sales and other issues. In continuation of its announcement on May 2, 2023, the company engaged the services of a third party to review the trading pattern in its stock. The company noted that after reviewing the unusual trading patterns, Solar Integrated Roofing Corporation concluded that some individuals or entities may have been parties to manipulative and/or illegal trading conduct.
Those actions may have led to an artificial depression in the price of the company’s stock. The company also announced that it joined a number of other companies in taking action so as to launch investigations into illegal short sellers. The company noted that it would also help in maintaining the integrity of the capital markets. The company also noted at the time that it was working on the reduction of debt to spark organic growth. That was another significant announcement from the company that investors ought to keep in mind.
