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Investors were ecstatic when Fitbug (FITB:AIM) won a one-year contract with an Asian financial services company with 14,000 staff for its health monitoring kit, prompting the share price to rise 467% in a day (18 Jan) from 0.164p to 0.93p.
Its market value went from £2m to £11.4m; that’s until the shares were suspended pending an announcement.
The following day Fitbug issued a statement that said the contract was only worth £60,000, prompting the shares to lose nearly all the previous day’s gains.
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