ShareSluth.com, the investigative business journalism Web site started last month, has posted its first story, which is about Xethanal Corp., a company that claims it can make ethanol from sludge and garbage.
Christopher Carey, the former biz reporter from the St. Louis Post-Dispatch, noted that there is no evidence that the company can actually do what it clains. He also noted the number of shareholders who have been sanctioned by regulators.
Carey wrote, “When Sharesleuth identifies what might be considered corporate misdirection, we take a deeper look at the company, its history, its business and the people behind it.
“At Xethanol, we discovered that the shareholders whose names appeared in the company’s SEC filings over the past year and a half included no fewer than eight current or former stock brokers who have been the subjects of disciplinary actions by the Securities and Exchange Commission, the National Association of Securities Dealers or other regulatory bodies.”
Read more here.
Last week, Carey had posted on the site noting that its first story was being delayed so that it could be fact-checked after the company threatened legal action.
