From press release to pocketbook

Click on the image to be taken to NASDAQ.com

Cadiz, Inc today announced that the Santa Margarita Water District and Three Valleys Municipal Water District have agreed to stand as lead agencies in a review under the California Environmental Quality Act to evaluate the risks of reviving a previously discredited plan to mine Mojave Desert groundwater to serve the Southern Californian urban conurbation.

The share price responded with a jump of more than 14 per cent before declining.

No water has been produced by this 12-year-old scheme, however for the last year skillfully deployed press releases have made Cadiz a volatile and occasionally lucrative stock. It would take a SEC investigation to see if a run on the shares last year involving a privately secured endorsement from the Governor of California amounted to insider trading by directors at the expense of stockholders.

Today’s news about two Southern California water companies

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