Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
I feel sorry for Dicon employees. I absolutely want Spongetech to go down in flames. I don't understand why anyone would support this. Its disgusting filth and the alleged are the scum of the earth.
I am baffled, people still suppporting them, still buying their products. Unreal.
Hopefully they get a denied. They don't file anything on time so too bad.
There is absolutely no one to blame about people losing their jobs other than the Walrus and Metter. If they didn't do alleged illegal activities, she would have nothing to write about. She didn't force them to put their name in all of those ball parks, partner with so many people, run a Noble conference full of alleged lies, or buy Dicon (Who I really feel sorry for).
Time to quit blaming others on this and move on.
Request to all the folks that follow what has happened here.
Anyone you can contact to let them know the story, lets stop them from getting any more money. Tell the "wall marts" <-- Stephen "Walrus" Moscowitz spelling, CVS, Walgreen's, etc.....
They stole money from honest people (alleged). Time to let the world know that receives their products.
Yeah the boldness is just unbelievable. Here you have an SEC investigation and you are saying that. I still can't get over some of this.
Is it even remotely possible they thought they could away with this. I realize back in the Noble conference they said they had the "smarts", but that aside did they really think they could pull this off? How did the meeting with the Nasdaq go?
what is there to bite on? I have no idea what the crap happened here other than the Walrus and Metter shammed me. I am grasping at straws with anything. I just don't understand how people are still defending the idiots.
who is going to pay for all the lawsuits? They can't pay their bills. They aren't making as much as they say they were. What part do you not get?
market makers?
Just because there are 3 billion shares out there doesn't mean they are owned. Until last week nobody was 100% certain how many shares there were until the SEC allegations. The way the Walrus and Metter allegedly tried to get 5 fake sites set up what makes you think that the "big players" aren't tied to anything illegal? How did Pike get the first 100 million shares. You are right there are questions. But there aren't rainbows in Hell.
Keep in mind management was saying publicly and privately they were being threatened by shorts and swore up and down on the sales. The stuff in the Wells notice could have been chalked up to the following:
RME share handling. Issuing and retiring shares might not have been handled correctly. (Obviously there was more to it than we could have assumed) You can say the two idiots just didn't file correctly.
10k's being late. They did get screwed with the auditer they were using at the time getting banned and having to redo financials. I was always puzzled why the didn't get more time.
I assumed you, among others were paid by someone to refute their information by any means possible and reporting everything to the SEC. And I stand corrected on that.
I have seen several companies get a Wels notice and have their hand slapped on something or a line of business, but never have I seen anything like this. Still miffed the Walrus thought he could get away with this. I have to imagine he is a.) still in denial or B.) Suicidal.
I hope everyone associated with this company pays with maximum penalty. And I hope they keep getting more people added. The money RME has should be returned to the shareholders, but unfotunately it will go to Lawyers.
Good question, I don't think we'll ever know.
Ray, I too have a lot of questions. Like how on earth these 2 idiots thought they could possibly get away with this. I mean you really were trying to get Deloitte and touche and then get them to write a letter to the SEC stating that it wasn't nothing against your internal controls that they were bailing. In their minds were they really trying to get on Nasdaq. You advertise your scam to the entire world through MLB and NFL among others?
All of that money they use for advertising on a few SKU's and they don't have a CFO? I think that right there says a lot. Moscowitz (in my opinion) was probably trying to conceal what he was doing. A CFO would gotten in the way.
To all the good people on this board, I am truely sorry for your losses.
I dunno, but I doubt anyone would take a check from them.
Those allegations are pretty detailed with specific dates. They might plea bargin but they are toast. Spongetech will indeed never file and they probably will quit showing for work.
The worse part about all of this is they had a legitimate product. Its sad.
Where can I send an email for evidence from Moscowitz to the SEC? Not that they need anymore. I want the walrus to be behind bars for the rest of his life.
With the CEO, CFO, COO, and I believe Mosco was the Admin in Jail, do you think they will ever respond publicly?
Has anyone spoken to Dicon today?
Just curious why would you buy?
Spooky,
Let me help you since apparently you didn't understand what he said.
"The upside looks good compared to what little the stock has left to drop."
He is saying its below a penny, and it was over 4 pennies yesterday so the downside is minimal compared to today.
You said: "i guess todays drop is considered 'little'?"
Can you help me understand your statement based on the context for which you asked it?
That has my vote.
We don't need any bs right now, there has been enough of that. Pike could be bailing for all anyone knows. This is what I deciphered so far.
* M&M got arrested
* The 5 customers that Kaja Whitehouse mentioned in the article apparently do not exist (as she stated)
* Those 5 customers represented up to 99% of sales through May 2010. (This is a little bit broad because it could be 99% 2 years ago, and nothing now)
* While I am not shocked, I am suprised that these guys really thought they could get away with this.
Its probably a safe assumption there will be no 10k released today.
Finally, we'll get new management!!!
They abandoned http://www.spongetechinc.com/ after the stocking stuffer announcement. I guess they wanted to leave with a bang.
I joked about a PR about this last night. Thanks a lot Spongetech. You aren't even past Mother's Day. IDIOTS!!!!!
Will there be a father's day sale on the website in a couple of weeks? I know that is all we really want to know. Maybe it will be for 25% this time. Can't wait!!!!
Does anyone of a tally of the amount of bad checks Moscowitz has written?
Simple business plan for a publicly traded company:
1. Build a strong customer base with integrity, loyalty, and good business ethics.
2. Your job is to build share value with your shareholders. (Filing 10k's/10Q's, transparency on shares, and under promise/over deliver).
3. Business partners are a 2 way street. If you were supposed to pay your bill on Jan. 3, pay your bill. Why do they have to hunt you down and then you turn around and write checks that won't clear? How is this building the Spongetech brand?
4. A legit CEO/CFO anyone? I mean Moscowitz runs 20 companies, it isn't worth it to have a REAL CFO and CEO dedicated to make Spongtech grow?
How ironic is it that you come out with a HUGE lawsuit against all of these people that harming the company, and you can't refute any of the info to us shareholders? AND.....now another lawsuit comes out that you wrote a bad check.
Its time to bombard these guys and demand info.
While I do not appreciate the truth stretching on many of the "bashers" posts, I do find it hard to believe that Spongetech is suing the NY Post. What did Kaja say that has been proven to be false?
Signed,
Completely utterly disgusted
SJJ or anyone,
Sorry if this is a stupid question. But what is SPNG's relationship with Taikeone? Those car was sponges look better than what we have.
Hey Cy, you have a court document that says the OS is less than 600mm?
Well.....if what he is saying is true, then all of the 3B shares are issued. Which is not exactly a warm and fuzzy for me. However, we don't have confirmation of that part.
Yeah overachiever, good point. Everyone please quit posting news of new products in the distribution channel and any sales info. Please focus on things we don't know or won't know until the company releases information.
Seriously, is this a company? If so what exactly is the business model? Is this why Moscoswitz doesn't have time to run Spongetech correctly?
Thanks for the follow up, much appreciated!
I think everyone on this board is aware of the lawsuits. But again, help me understand what this has to do with merging with Dicon and cutting overhead costs?
Mengo, someone said earlier those products have been at Walmart for a long time. Are you sure they are new? I have no idea, just asking the question.
Um....Spongetech merged with Dicon. This cut overhead costs and allowed Spongetech a greater distribution channel.
This is a fact. I am not talking about Wells Fargo. I am not talking about Warren Buffet. So if you want to disucss Wells Fargo and Warren Buffet you might want to start a new thread.
The benefit of Dicon wasn't just its distribution channel. The merger also allowed Spongetech to eliminate some overhead costs they were incurring to outsource production.
So while I hear you that this wasn't a slam dunk with millions and millions in additional revenue, any time you can decrease overhead costs, it helps. The distribution channel alone was worth its weight in gold.
Why are you bringing posts up from 10 months ago about the technical trading? That had no relevance to anything that has happened since September.