Shares of Radient Pharmaceuticals were halted during Monday's trading session, after first dropping significantly, after a published blog posting on TheStreet.com's biotech blog questioned the validity of statements made by Radient officials to BioMedReports.
I mentioned last week that the original hack job blog posting by TheStreet.com lacked any resemblence to credible "journalism" because it was so heavily fueled with bias and emotion - and I only use the word "journalism" because TheStreet's biotech blogger has on numerous times referred to himself as a journalist, but we all know he narrates as if running a blog.
Back to the real subject at hand now, and that's the drama being played out in the headlines between Radient and TheStreet.com.
The blog post in question identified a woman from the Mayo Clinic who seemed to refute comments made by Radient to BioMedReports. Interestingly enough, when the article was first posted, it was posted under a different title than what it now appears as on TheStreet's website.
Probably a good idea to change it since the original title "Mayo Clinic Denies Link to Radient Pharma" was a contradiction in itself because a link between the two entities was established by the author himself as the blog post went on.
So, as I mentioned in my previous comments about RPC, even if the author had any valid points, they would have been entirely discredited because of the shoddy (at best) blogging that had the title completely contradict the content of the words contained within.
The new title added the word "Test" before "Link," but it's a little too late to save face, I'd think, after the story went about as viral as it does in the biotech world.
There will undoubtedly be more to this story as the Tuesday trading day develops and the company or either of the sides involved issue statements and/or retractions.
I'll emphasize this point again:
Investors should dissect the Radient story (or any stock or story) based on their own DD, and take with a grain of salt anything you read about any stock on a blog - especially one that puts bias, drama and emotion above an honest and down-to-earth reporting of the facts.
Keep this in mind when sizing up TheStreet.com - the sole purpose of that website is to attract clicks and increase advertising revenue, so the more drama the better.
There's a reason why you have to scroll through five pages to read one article - so one article generates a whole bunch of clicks - and that means advertising money.
Journalism? You'll hardly see that in America anymore, so it's quite funny when glorified bloggers, especially, see themselves as journalists. But that's the society we live in today.
For real journalism, without embellishment, you'll have to go oversees.
As for Radient, place your bets - this one looks like it's going to be one story that's worth watching.
And with last night's press release from the Rosen Law Firm already on the wires (they didn't waste any time, did they?) - the vultures are already circling.