Citron Research Reports on HearAtLast (


As I sit in my office in Los Angeles, California watching CNBC a commercial comes on for Hear at Last hearing centers.  What makes this odd, is that in order for me to go to a Hear at Last center, I would have to travel to Toronto, Canada, yet ad buys on CNBC are done on a regional basis.  But then at the end of the commercial, we understand more as it concludes by giving viewers its stock symbol of HRAL.

HEY!!  Didn’t we just see this last month with Connect a Jet (, before the SEC halted its shares?  It later became a black eye for CNBC.  Amazing how advertising departments have such short memories.

According to Citron, this promotion is eerily similar to not only the promotion of Connect a Jet, but also that of Rocket City Automotive ( (a previous Citron report).  We find it ironic that in the past month the SEC has halted the two stocks of Connect a Jet and Terax Energy.  HearAtLast has the same IR representative as Terax and the same promotional activity as Connect A Jet….good luck, guys!

The Numbers

The numbers of Hear at Last are … deafening.   All of the following statistics come from the company’s most recent filing with the SEC.

98 million shares outstanding giving it a market cap of close to $200 million.

“As of June 30, 2007 cash of $21,372 and total assets (including property and equipment) of $718,000, yet total liabilities were $1,227,588.”

Three months revenues were a paltry $230,895 while the net loss was $287,589.  HRAL Citron notes that at least 4 operating units were in business during the period, and the company has had operations for years, all suggesting this company operations have demonstrated little or no inherent value.  Under normal circumstances these financials would have the company lined up at the door of bankruptcy court.   But instead, HRAL appears to have made a deal with the devil.

Check This Out!

On August 27, 2007 they completed an offering under rule 504 REG D 19,000,000 shares at .0244 per share for a combined investment of $439,450!

The Promotion

One of the main promoters of Hear at Last has been The Capital Report.  In their disclaimer we read that they have been paid $1.5 million to promote this stock from “Indiana Capital Group”.

Needless to say, there is no further information on the internet about Indiana Capital Group, and the money paid to promote the stock is more than double the total assets of the company.  The Capital Report was also used to promote Rocket City Automotive.

The only difference is that Rocket City was not paid for by Indiana Capital, but rather paid for by ATN Enterprises.  Ironically enough, ATN Enterprises and its principal were just sued by the SEC last month claiming they were in a scheme to evade registration requirements of federal securities laws.

Citron Research warned investors about Rocket City ( when their stock was $3 a share, only 6 months ago.  Now, non adjusting for their 1 for 40 reverse split, the stock price would be .03 cents a share.
But this is our favorite.  Hear at Last has gone for a temporary restraining order against Park Financial Group filed by the obscure law firm of Applebaum and Zouvas of San Diego, Ca.

This is the SAME LAW FIRM that went for a temporary restraining order against Citron Research for either writing about or shorting the stock of Rocket City Automotive.  They first lost in San Diego County, than they refilled in Los Angeles and they lost again, than they refilled in Santa Monica, and lost for a third time.
Why was Applebaum and Zouvas so quick to quiet Citron about warning investors about a pump and dump?


The similarities between the promotions of HearAtLast to Rocket City Automotive and Connect a Jet are scary.  The every day press releases that always have big numbers and big names attached to them.  The valueless balance sheets, and now the commercials on CNBC, tell us that a concerted group of stock promoters are hard at work.  The race is on:  who gets to this stock first, the SEC or the insiders dumping shares by the millions?