Eagle Bulk Shipping Plunges 6%, Traders Attribute Decline To This Tweet

Shares of Eagle Bulk Shipping Inc (NASDAQ: EGLE) plunged more than 7 percent on Tuesday on no corporate news.

Investors and traders may have turned bearish on the nano-cap company following a Tweet by "unemon," an account that is dedicated towards exposing potential pump and dump stocks.

The Twitter user suggested Eagle Bulk Shipping is "at the Center of a Pump over the past Few Weeks."

$EGLE .. at the Centre of a Pump over the past Few Weeks. Unfortunately it remains a BK company. DILUTION makes current equity worthless!

— unemon (@unemon1) April 12, 2016

In a second Tweet, the user highlighted the company's SEC filings which indicates a "massive 90 percent dilution" is forthcoming.

$EGLE, set to drop 80% in the Next Few Weeks ... Massive 90% dilution coming. Look at SEC filings pic.twitter.com/9LlAwG8qZe

— unemon (@unemon1) April 12, 2016