Another Lame Qtrax Launch
UPDATE–3:49 PM EST
Upon further investigation, Brilliant Technologies, a corporation registered in Delaware and owner of Qtrax, is a publicly traded pink sheet stock (BLLN). All well and good. But it turns out that BLLN hasn’t filed any financial statements with the SEC since May, 2007–an out and out violation of the law. Paging Bernie Madoff! Paging Bernie Madoff! See for yourself here.
The FT reported today that Qtrax was yet again relaunching. Good luck with that. There has been a massive credibility gap with anything that Qtrax says based on past claims, many of which are blatantly untrue. In this story you’ll read:
Mr Klepfisz admitted that it had been “a very expensive exercise” to get to the launch, requiring “tens of millions of dollars” of backing from wealthy individuals and boutique investment funds.
What CEO Allan Klepshitz doesn’t mention is that several of these “wealthy individuals and boutique investment firms” have filed lawsuits against Qtrax parent company Brilliant Technologies including: PLATINUM LONG TERM GROWTH IV, LLC and J&N INVESTMENT LLC, ALPHA CAPITAL ASTALT, CORNIX MANAGEMENT LLC, CAMBRIDGE MERCANTILE CORP, OSHER CAPITAL INC, and JBN INVESTMENT LLC. A total of 9 investor lawsuits inall…at least what is posted on the NY Supreme Court online records. It makes for fascinating reading.
My guess is that there is something up between Qtrax and the labels that will once again lead to more public humiliation, which Klepshitz seems to feed from.
The sheer fact that the FT is even mentioning Qtrax, especially after the entire media corps were made fools of by Klepshitz at Midem 15 months ago, is amazing. This, of course begs the question of why in God’s name am I even giving these guys space? And by the way, in my poll of “who will be the next to shut down”, Seeqpod is in first place with 57% of the vote and Qtrax in second place with 29%.
© 2009, Wayne Rosso. All rights reserved.
[...] not mentioned are any of the lawsuits faced by Qtrax in recent months (as originally highlighted on Wayne Rosso’s blog, with a new one filed on 21 July). Of course, Grosso has since started helping The Pirate [...]