From press release to pocketbook
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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