American Diversified Holdings Corporation (OTCMKTS:ADHC) Stock In Focus After After Earnings
On Monday, American Diversified Holdings Corporation (OTCMKTS:ADHC) was in the news after it announced that it had submitted its financial results for the fiscal year that had ended on July 31, 2022. Investors who are interested in taking a look at the disclosure documents could do so by taking a look at the OTC Markets website and then navigate to the ticker symbol ADHC. However, that was not all.
Trading Data
On Monday, ADHC stock rose 6.90% to $0.0031 with 11.47 million shares, compared to volume of 4.01 million shares. The stock moved within a range of $0.0024 – 0.0031 after opening trade at $0.0030.
American Diversified Holdings Corporation Files Year-End July 31, 2022 Annual Financial Report
American Diversified also noted that a lawsuit that had been announced previously had also been dismissed officially by the Federal Court Magistrate with prejudice. The case in question had been filed at the United States District Court for the Southern District of California.
Following the dismissal of the case, the current management team of American Diversified is going to remain in charge of the company. The case had been filed against the company and its management back on January 15, 2021. In this context, it is perhaps also necessary to point out that due to the filing of the lawsuit the company had to suspend all acquisition activity. However, now that the case has been dismissed, it would be possible for the company to recommence such activities.
Key Quote
“We are now re-emerging into the company we were before the lawsuit. Since the suit has been settled with prejudice, management is now focused on rebuilding the company to where we were before the collapse of the market value, hopefully exceeding the previous $30 million valuation. Shareholders can rest assured that this legal victory was fought for the shareholders and that management will not rest until ADHC has returned to its former valuation before the lawsuit was filed” says ADHC management.
Traders Corner
ADHC stock is trading above the 50-Day and 200-Day Moving averages of $0.0022 and $0.0024 respectively. Moreover, the stock is trading above the 20-Day moving average of $0.0024.
