Jaguar Mining Plunges 18% to 11-Year Lows in Heavy Volume; Firm Says It's Unaware Why

By Midnight Trader,  July 10, 2012, 12:30:03 PM EDT

Jaguar Mining Inc. (JAG.TO, JAG) shares plunged today to 11-year lows in unusually heavy volume of nearly 1 million shares, but the company has issued a statement saying it is not aware of any developments that would merit such unusual trading activity.

Nevertheless, Jaguar has seen considerable turmoil of late. Earlier this month, three directors offered to resign and its chief operating officer left, apparently for health reasons.

Jaguar was recently sued by its previous CEO for wrongful dismissal and analysts believe more trouble lies ahead.

The company is generating negative free cash flow, and has serious balance sheet concerns with just US$50-million of remaining cash and more than US$300-million in debt.

Shares are currently down 18 cents, or 18%, at 0.82 after dipping as low as $0.76.




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Commodities

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