ClothesTime Inc. stock continued its downward movement Friday, despite statements by the company intended to debunk rumors of a secondary stock offering that the firm blames for driving the stock down by 18.8% for the week.
On Tuesday, the Anaheim clothing retailer denied the rumors of a stock offering, but investors continued to dump their stock, forcing the company to issue a second statement Friday that again stated that no offering was planned.
Traded on the over-the-counter market, ClothesTime stock closed at $22.75 a share Friday, down $4.45 for the week on volume of 111,490 shares for the week.
"It's been quite a week for us," said Steve Schweickert, ClothesTime's controller. He said that despite calls to brokers and analysts across the country, the rumors have persisted.