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you may have already done that.
Lawyers can only get a certain percentage of any settlement. that being said, if you get 10 cents on the dollar it is better than zero.
The SEC can if they find major wrongdoings. they can restrict them from being an officer of a public company and would place the company under a receivership.
never been a shareholder but I will pass it on to those in my office that were. Fortunately for them they sold out near 0.14 based on my research so their losses, if any, were minimal.
i would add your name to it regardless. there is no downside.
nothing would happen if you join the class action other than you would begin to protect your investment. the fact that one is filed means the negativity is already assigned to the market so there is no downside in adding your name to it.
sponge,
1. It is a matter of fact that NOBODY can locate these infamous customers.
2. it is a matter of fact that SPNG did not provide the NY Post with contact information on these companies that could be validated.
3. It is a matter of fact that the O/S is unknown.
4. It is a matter of fact that the principles of this company and RME have not filed changes in their beneficial ownership to the SEC.
5. It is a matter of fact that the GFGU investment made on behalf of SPNG was made through a loan from RME
These are all fact not opinion. please learn the difference. it is your opinion that these issues will be resolved in a 10K. Fact is, the 10k is many months late and fact is the SEC is questioning past filings for accuracy.
Not strange, Moscowitz is running these companies as if they were one company. I think the lawsuit issued by SPNG identifies VAEV in it.
The investors usually wait long enough to allow the perpetrators to shuttle their money and assets offshore.
You can't make a move, the stock is halted. the only move you can make is a legal one to protect your investment rights.
As for soapy, it was no guess, he was defining it.
As an investor i would expect that you would be searching for those answers to the questions I raised instead of putting faith in people you do not know.
My point was, he called the PR on the second lawsuit so why not think he knew about the other PR forthcoming.
Instead of fighting me on this, why not help all here and start to get answers to the questions so many have? you say i am close minded, why not open it up by offering up something to sink my teeth into? i would say that is is close minded of investors to not think it odd that SPNG has these customers nobody can find. NOBODY. And yet they believe they exist.
look at the lawsuit filed by SPNG and they admit the money came from RME for both parties. also, look at the VAEV filings. They had no revenues until SPNG hired them.
they can actually file a new 10K and get on the OTCBB and not have their SEC issues go away. if the new 10K is a major restatement of past financials I would expect the SEC to bring major charges against the company.
musical chairs, today is Friday. last Friday Soapy was touting a series of PR's to take place this week starting with the lawsuit and ending with a takeover offer. The lawsuit PR was released because it was already loaded. I said on Monday that you would know the reality of the TO offer by Friday. It was a planned PR and the trading halt has no impact on announcing such a pending deal.
It never happened. It never happened because without the stock trading there was no value in placing it out there. If it were real it would not have mattered as $0.68 a share is $0.68 a share regardless of trading - unless you never expected to be around.
if they exist, why did they provide the false information to the media?
If they exist, why can't any longs locate them?
If they represent such a large percentage of Sales in SPNG, why haven't their competitors ever heard of them and why haven't we seen other companies identify significant sales thru them?
do you not think it odd that SPNG's sales are all going to companies nobody can get information on?
i would say that the close mindedness is based on our own experiences with such situations. the problem with investors, their investment carries a large factor in their line of reasoning. it is human nature. It is a lot harder to convince somebody knee deep that they are in trouble because they are reacting on panic, embarrassment, and hope.
I would give SPNG the benefit of the doubt if they could respond to a fraction of the red flags. Since they have responded to none it is a show stopper.
1. What is the real O/S
2. What is the contact information on their major customers?
3. Why haven't the officers or major shareholders (affiliated with the company) filed their trading positions with the SEC as required by law?
4. Why is all the reported business from VAEV coming from SPNG?
5. why was the VAEV and SPNG investments in GFGU channeled thru RME?
There is no definitive date to get it filed. The date you speak of is to sustain itself on the OTCBB. they are already off the OTCBB. All of the filing issues are moot as it first requires sufficient responses to the SEC. If they are not satisfied, this will never trade again.
If they restate their filings and remove all the reported sales to these unknown entities, the officers would be charged with fraud and the company most likely placed into receivership.
I doubt it. That is the thing about freedom of speech. I guess If you want to make such claims I could go just the opposite, If they are proven to be a fraud you can be placed in some serious legal binds for pimping a scam stock. If calling a good company a scam is libelous is it not libelous to call a scam company good?
But with regards to my statement, where is the verification of the customers? why was your defense to my comments a threat instead of data to substantiate their reality?
They will not come off any suspension if the company can not prove that what the public is trading on is real.
bman, unless SPNG can prove to the SEC who these infamous customers are, there will never be a 10K and this stock will never trade again anywhere. if you can help the SEC out and locate these customers, i would suggest you do so.
dickandbab's that is the more basic argument that No_BS would prefer to ignore.
As you see, there has yet to be any evidence proving information as to where all these sales go. Without such evidence there will be no 10K filed. And it really doesn't take a person who works with multinational firms to know and understand this.
Between preferred shared voting rights (100:1) and personal holdings, all they need is 51% of the vote.
it was an example, pick your revenues and pick your O/S. Fact is, people here are basing their willingness to sell on $50 - $70 Million revenue and 500 million O/S. My bet, both numbers are WAY off. If they are, you are overpaying and don't know it.
i would like to have a way where investors can recover as well. i have suggested that some of you get together privately and start your shareholder group and consider legal action against M&M just in case.
That is why i have not spoken much about this. I need to understand all the dynamics of this data. it is clearly not cut and dry.
why isn't that a cert listed and cancelled? Where were those shares re-issued based on this listing? you didn't cancel them from the market, you just sold your shares or something correct?
Obviously there is a market value but one needs to understand accuracy of revenues and share structure to determine price/value. Right now both are severely in question.
If the real revenues were really $1 Million and the O/S was really 3 Billion would you be buying at the pre halt prices? The SEC halted the stock because this is the type of uncertainty that exists. Uncertainty created by insiders with a litany of conflicts of interest in their activities.
lexion, I don't believe I was called out but think what you want.
The data is both interesting and confusing. There are missing certs, where are they? What do cancellations and then re-issued mean as there were events of that kind.
The data is confusing and instead of talking about it, I simply presented what was identified elsewhere without comment one way or another. do you know why there are cancellations and re-issues or in some cases issues and cancellations the next day?
FWIW, a cancelled stock certificate does not mean it was cancelled O/S, If a cert is issued to you and you sell that stock, your cert is cancelled and it is re-issued to new owners. that is what makes this difficult to decipher. These are also dates the TA finished the act, not the requested date
I do not disagree with your assessment and have people with this type of expertise looking into it.
NDA's are not NDA's unless there is an agreed consent between two parties, just by putting your wishes in an e-Mail does not create an agreement.
Leaks may happen all the time, the question in this case is, were the leaks intentional as part of a pump and dump effort? It seems that most of these "leaks" intended to keep investors investing.
That would be great if what Soapy put out was in fact inaccurate information. Unfortunately he was also disclosing non-public company information like when pending PR's and pending Lawsuits would be revealed to the public. Those were not test balloons, you don't test balloon facts.
Soapy lied when he called is private messages nothing but test balloons to see where the rumors went.
No I have not seen it strenuously enforced. I do talk to the single individual that has taken on all of the cases for FINRA and we talk about the issues regularly and how you prove certain things.
That being said, there are con artists who understand the polarizing issue NSS has become and use that sentiment to engage in a separate kind of fraud claiming NSS when it is something else. In all cases where the con was from the inside, there was hanky panky taking place with share structure and disclosure of share structure. In all cases the share structure exploded into teh billions.
This stock had those signals.
You have a right to your opinion. But what if this investigation reveals exactly what the SEC is looking for. Cooked Books and fraud?
Because if you know anything about SEC enforcement actions they are extremely lagging.
They halted CMKX several years ago but the DOJ just arrested the operatives this past month. Are you willing to wait years for a verdict or do you talk to legal council now and let THEM decide what value of information you have.
You guys are so ingrained as a group but what you are not doing is grouping together to initiate a common class action. Instead you have longs that believed and now disbelieve and you have longs hanging on but what you do not have is a shareholder group that represents the shareholders and their rights.
if it were my investment, that is what I would be doing with my time here instead of fighting over whether D&T is really on board or not. I think my efforts here on a market i have no investment clearly shows you what I would do with my time if I did have an investment.
people are victims because they choose to be victims. You have enough good people here to get a group of people willing to fight back. get your own court order for records as part of a shareholder group. Force M&M to give you the data they give the SEC. as shareholders you have that right.
Lets stick to SPNG and your investments.
1. If I am wrong, you have opportunity to make money when cleared by the SEC. You have every right to focus on this possibility.
2. If i am right you will lose whatever investment you have. What actions are you taking now to protect that potential?
Under option 2 there are people here that lied and cheated you. If you sit back and wait for what may not come you may lose everything. Ask others that sat in similar circumstance. I was told in early September not to be surprised if I woke up and the stock was halted. It is as predicted. It is now time you focus on protecting BOTH options just in case the worst case scenario occurs. IMO.
Yes. I believe that based on the proposed pump program this week, many loaded up on the inside information and are now stuck. Understanding M&M, they probably have same very "interesting" characters they promised some returns to.
I looked at SPNG as a NSS because it was what was presented to me. I was then provided contact with a contingent of large investors who started to tell me stories that did not make sense. Some of the first glaring red flags were:
1. Conflict of interest between RME and SPNG.
2. Lack of accurate SEC filings on major Shareholders and changes in Beneficial Holder changes. All reporting companies require this disclosure.
3. Repeated changes in share structure.
I then looked at the short interest over a long period of time and compared it to structure changes, sales, and the SHO list. Didn't add up. Insiders that sell can look just like a NSS and lack of disclosure is a perfect mask of that data.
Finally I got confirmation that my investigation was leading in the right direction from somebody I trust.
Even with all this it does not mean i am right.
My responsibility from here was to simply educate people and to let them know what MAY lie ahead which included a trading halt. If you look at my posts i have never told people to sell out, only to trade cautiously and to trade this stock like it were a P&D. If you know the game and want to be in it, at least understand the rules. people do make money trading a P&D but there are risks.
The SEC will investigate this deeply and they will respond with the proper action required. I know it. I had filed complaints with the SEC and then with the OIG once I could show that the level of your concerns was significant. This will require that what ever they find will be dealt with accordingly. That means that if it is a NSS issue I know that too would be addressed because to the SEC that is ultimately my biggest bitch.
I know none of this helps with your gains and losses but I hope that to some degree it helps understand this market.
Good for you acceptance of facts presented repeatedly is the first step. i believe I have a dozen or so e-mails with you where, despite my repeated assertions, you denied those facts.
That being said, and for other reasons of my own, I choose to let you do your own research as I have. There is not a single thing I have stated here since being asked to come that has been a lie or purposely inaccurate. I have stated that it was I who asked a reporter friend to look into the SpongeTech issues and let such friend do her own diligence without my tainting the impartiality of the story. Those are the facts.
The NY Post coverage was not created by short sellers despite all those that claim otherwise and their reports are fully vetted. I have a name but am not a liberty to disclose. The same way I do not disclose yours. If you want to disbelieve what is said, only personal independent verification satisfies you so do it.
Then report. am I who I say I am and were my intentions validated?
Actually they were all answered.
1. I have the contact name but you have proven not to believe information provided by me both public and private so why bother. You have the IR Firm name who no longer appear on SPNG PR's you are free to research and report back your findings.
2. My involvement in this has been stated to many here publicly and privately. I believe I have been honest and to date accurate. I suggest you move on to SPNG related issues.
Judd says Hi.