AppYea Inc (OTCMKTS:APYP) stock plunged from highs of over $0.0022 to low of $0.0006 in a matter of just one month. This decline can largely be attributed to the fraudulent news revolving the company. In the last week of May, the company reported that it has fallen prey to an elaborate fund.

Earlier in April, an unidentified party issued a false press release stating that AppYea had finalized a Letter of Intent to purchase all the outstanding stock of a mobile app development firm. The firm clarified that it has not finalized any such LOI.

The management view

Douglas McKinnon, the CEO of AppYea, said that they are not aware of the reason for the perpetrators’ initiatives. They even created a fake website that was a complete replica of the real AppYea website. The perpetrators opened an account, and had set up fake telephone and email services. However, they misspell the CEO’s last name in the website and release.

McKinnon added that they have been working together with the authorities in the probe of this fraud and will explore all options to identify the perpetrator. Additional information will be covered in a Form 8-K to be submitted with the U.S. SEC. To be concise, AppYea is not in any discussions of an acquisition or merger with another mobile app development firm.

The buzz

At the end of 2015, AppYea reported that it has bought 60 mobile apps through an asset purchase deal. This new deal adds to the firm’s existing diversified application holdings portfolio. The main focus of this apps portfolio is in the gaming apps segment, as the mobile gaming market is presently the fastest and hottest growing division within the industry. It is evident that the main focus of the company is to stick with its business strategy and expand the presence on different platforms.

Iddriven Inc (OTCMKTS:IDDR) Reiterates Growth Prospects

Iddriven Inc (OTCMKTS:IDDR) remains confident of its prospects this year having forecasted robust growth in a recent special letter to shareholders. With the release of its own Identity and Access Management solution, the enterprise software company remains confident of signing deals with companies and organizations looking to protect crucial data.

In a bid to attract more deals in the $10 billion a year IAM marketplace, Iddriven says it is building a robust sales and marketing infrastructure to support high global sales. The company has also been busy in signing channel collaborations that it hopes to use to expand its footprint in the business as it continues to pursue opportunities for growth in new markets.

Iddriven Inc (OTCMKTS:IDDR) has already teamed up with PATECCO a leading consulting firm based in German that it hopes to use to expand its footprint in Europe. Deals with Oxford Consulting Group and Virginia-based-Zeva are also expected to help bolster the company’s prospects in North America.