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ttattletell, well, either you're a liar, or you're not:
Posted by: OldTymer Date: Wednesday, May 27, 2009 4:41:50 PM
In reply to: ttattletell who wrote msg# 92732 Post # of 237145
ttattletell, well, either you're a liar, or you're not:
Posted by: ttattletell Date: Friday, May 22, 2009 8:38:44 PM
In reply to: OldTymer who wrote msg# 90572 Post # of 92737
News will come from an official governing body...I know, some will say I'm full of BS but when the news hits the wires just remember you heard about it from 'ol TT first...
Which is it?
Looks like that TT guy had it pegged 5 months ago.
Maybe the Company can't afford a filing due to money lost by not being able to sell shares on the open market for two weeks.
Bills are probably piling up by now with no way to pay them.
Could you repost that so I can understand what you are saying?
If numbers what they said it went way up. You think what you want. It going to be fun watching all the people who said results fake have to see 10K filed with over 50 million. I then let's see how many say they where wrong about SPNG.
"troubled spongemaker SpongeTech" in the news:
Lawsuit soaks up plaintiffsBy KAJA WHITEHOUSE
Last Updated: 2:45 AM, October 14, 2009
Posted: 12:13 AM, October 14, 2009
A New York attorney who filed a class-action lawsuit against troubled spongemaker SpongeTech last Friday says he's been bombarded by calls from jilted investors.
"I've never, ever, ever gotten so many investors to contact me and I've been in a lot of these cases," said Larry Rosen of the Rosen Law Firm."
It suggests the shareholder base is larger than would make sense for this market cap," he said.
The penny-stock company, which is under investigation by the Securities and Exchange Commission, recently said it authorized as many as 3 billion shares -- more than eBay and IBM combined have outstanding.
Rosen's compliant, filed in the Southern District Court in Manhattan, alleges that SpongeTech and its officials "violated federal securities laws by issuing false and misleading financial information to investors and engaging in a stock manipulation scheme."
The lawsuit alleges the company, which sponsors professional sports teams, misrepresented the company's sales revenues and improperly forged attorney opinion letters to sell stock A New York attorney who filed a class-action lawsuit against troubled spongemaker SpongeTech last Friday says he's been bombarded by calls from jilted investors.
"I've never, ever, ever gotten so many investors to contact me and I've been in a lot of these cases," said Larry Rosen of the Rosen Law Firm.
"It suggests the shareholder base is larger than would make sense for this market cap," he said.
The penny-stock company, which is under investigation by the Securities and Exchange Commission, recently said it authorized as many as 3 billion shares -- more than eBay and IBM combined have outstanding.
Rosen's compliant, filed in the Southern District Court in Manhattan, alleges that SpongeTech and its officials "violated federal securities laws by issuing false and misleading financial information to investors and engaging in a stock manipulation scheme."
The lawsuit alleges the company, which sponsors professional sports teams, misrepresented the company's sales revenues and improperly forged attorney opinion letters to sell stock.
http://www.nypost.com/p/news/business/lawsuit_soaks_up_plaintiffs_z1e6jnIO7bwT5XuABwpnZP
Sales are not audited yet so how can you say "sales grew"?
Do you think Dubai Export & Import, New Century Media, Fesco Sales, and SA Trading are legitimate companies or current (or past) customers of Spongetech Delivery Systems?
Do you think Spongetech or any of its officers or affiliates committed securites fraud or any other fraudulent or criminal act?
et al means "and others" so it is part of the class action. Looks like Rosen found a lead plaintiff against Spongetech.
Le et al v. Spongetech Delivery Systems, Inc. et al
Plaintiff: Quang Le
Defendant: Spongetech Delivery Systems, Inc., Michael L. Metter, Steven Moskowitz, Frank Lazauskas and RM Enterprises International, Inc.
Case Number: 1:2009cv08616
Filed: October 9, 2009
Court: New York Southern District Court
Office: Foley Square Office [ Court Info ]
County: Suffolk
Presiding Judge: Judge John G. Koeltl
Nature of Suit: Other Statutes - Other Statutory Actions
Cause: 15:78m(a) Securities Exchange Act
Jurisdiction: Federal Question
Jury Demanded By: Plaintiff
http://dockets.justia.com/docket/court-nysdce/case_no-1:2009cv08616/case_id-353168/
RME, Signature Equity Fund ALL GONE!!!
They were listed by name as institutional owners of Spongetech on MSN.com about a week ago now they are GONE!
http://moneycentral.msn.com/ownership?Holding=5%25+Ownership&Symbol=SPNG
That crossed my mind too.
Looks like they are liquidating returned units from previous retailers.
I'm curious as to what "defendants" have turned into "cooperating witnesses" right about now. Soapy's confession of lies and deceit might signal cooperating with the authorites to get Metter, Moskowitz, and Lauzakas.
Absolute proof positive of "Grey Market" listing for Spongetech Delivery Systems, Inc.
Lawsuit filing looks like a criminal complaint.
BRRRRRAAAAAAAAAAAAAAHAHAHAHAHAHAHAHA!!!!!!
Any chance of SPNGE filing bankruptcy since they aren't able to generate revenue by selling shares for 2 weeks?
Today's PR entirely contradicts the NT 10K filing-
If the subject report could not be filed without unreasonable effort or expense
and the registrant seeks relief pursuant to Rule 12b-25(b), the following should
be completed. (Check box if appropriate)
|X| (a) The reason described in reasonable detail in Part III of this
form could not be eliminated without unreasonable effort or expense
|X| (b) The subject annual report, semi-annual report, transition
report on Form 10-K, Form 20-F, Form 11-K, Form D N-SAR or Form
N-CSR, or portion thereof, will be filed on or before the fifteenth
calendar day following the prescribed due date; or the subject
quarterly report or transition report on Form 10-Q or subject
distribution report on Form 10-D, or portion thereof, will be filed
on or before the fifth calendar day following the prescribed due
date; and
|_| (c) The accountant's statement or other exhibit required by
Rule l2b-25(c) has been attached if applicable.
PART III -- NARRATIVE
State below in reasonable detail why Forms 10-K, 20-F, 11-K, l0-Q, 10-D, N-SAR,
N-CSR, or the transition report or portion thereof, could not be filed within
the prescribed time period.
Despite diligent efforts, the work necessary for Spongetech Delivery Systems,
Inc.'s (the "Company") preparation of its Annual Report on Form 10-K could not
be completed due to unforeseen delays in the collection and review of
information and documents affecting disclosures in the Report on Form 10-K.
Accordingly, the Company requests additional time to compile and review all the
information necessary to accurately complete the Form 10-K.
http://www.sec.gov/Archives/edgar/data/1201251/000114420409046750/v159535_nt10k.txt
Spongetech now blames Drakeford for the delay.
Who were the other offers to be from in the "bidding war"?
Would you say the Company or the SEC is to blame?
Since SPNGE can't be traded, is it causing any traders or longs financial distress?
So a .015 sell order might get filled at .0002?
there is NO market maker participation in the greys
With limited market maker participation on greys will it will be hard for longs to get a sell order executed?
No phone numbers or addresses for SA Trading, Dubai Export & Import, New Century Media, and Fesco sales doesn't bother you?
The Company has far too much going for it in terms of assets, revenues, profits, contracts, and public acceptance.
Why are Metter and Moskowitz hiding from shareholders?
The biggest event in Spongetech history and no word from them?
Where is the trading halt sticky note?
Soapy?
READ THE SEC ORDER RIGHT HERE:
UNITED STATES OF AMERICA
Before the
SECURITIES AND EXCHANGE COMMISSION
October 5, 2009
IN THE MATTER OF
:
SPONGETECH DELIVERY SYSTEMS, INC.
:
:
ORDER OF SUSPENSION
:
OF TRADING
File No. 500-1
:
It appears to the Securities and Exchange Commission that there is a lack of current and accurate information concerning the securities of SpongeTech Delivery Systems, Inc. ("SpongeTech”) because questions have arisen regarding the accuracy of assertions in press releases to investors and in periodic reports filed with the Commission concerning, among other things: (1) the amount of sales and customer orders received by the company; (2) the company’s investment agreements; and (3) the company’s revenues as reported in its financial statements. In addition, SpongeTech has not filed any periodic reports with the Commission since the period ended February 28, 2009.
The Commission is of the opinion that the public interest and the protection of investors require a suspension of trading in the securities of the above-listed company.
THEREFORE, IT IS ORDERED, pursuant to Section 12(k) of the Securities Exchange Act of 1934, that trading in the securities of the above-listed company is suspended for the period from 9:30 a.m. EDT, on October 5, 2009 through 11:59 p.m. EDT, on October 16, 2009.
By the Commission.
Elizabeth M. Murphy Secretary
(((((HALTED)))))!!!!!! :D
Is there a link to this info? Yes.
http://www.nasdaq.com/asp/holdings.asp?symbol=SPNGE&selected=SPNGE
http://www.mffais.com/spng.ob
Not really NASDAQ.com reportd 6 Holders 10/2/09 now there are only 5 as of today
Top 5 Holders Shares Held
HOWE BARNES CAP... 162,000
FISHER ASSET MA... 90,000
JANNEY MONTGOME... 40,000
AMI INVESTMENT ... 40,000
INDIANA TRUST &... 40,000
http://www.nasdaq.com/asp/holdings.asp?symbol=SPNGE&selected=SPNGE
RME no longer listed as a "Institutional Holder"
http://www.nasdaq.com/asp/holdings.asp?symbol=SPNGE&selected=SPNGE
Filed As-Of/On Form Fullname Fund Class Shares Activity Shares Change Shares Pct. Change Hypothetical Old Value Hypothetical New Value Hypothetical Value Chg. Hypotheticals Return Hypotheticals Results Director Other Ten Pct Officer Officer Title News Article History
2009-08-13 2009-06-30 13F-HR Howe Barnes Capital Management Inc Institution 162,000 New Holding 162,000 100 % - % News Article History of Howe Barnes Capital Management Inc Ownership Of Spongetech Delivery Systems Inc
2009-08-03 2009-06-30 13F-HR Janney Montgomery Scott Llc Institution 40,000 New Holding 40,000 100 % - % News Article History of Janney Montgomery Scott Llc Ownership Of Spongetech Delivery Systems Inc
2009-07-22 2009-06-30 13F-HR Fisher Asset Management Llc Institution 90,000 New Holding 90,000 100 % - % News Article History of Fisher Asset Management Llc Ownership Of Spongetech Delivery Systems Inc
2009-07-15 2009-06-30 13F-HR Inverness Counsel Inc Institution 10,000 New Holding 10,000 100 %
http://www.mffais.com/spng.ob
Any chance SPNGE will shut down and go out of business now that RME is out of the equation?
Yes, I will wait for a filing. I will trust this 10K because the SEC is watching.
With the "financing arm" (RME) gone, longs are on their own?
RME's departure could explain the lack of TV commercials recently.
Then how was Spongetech planning to retire them?
share certificate
Definition
Legal document issued as proof of ownership in a firm. In the modern stock markets, the 'paper' share is now being replaced by the 'electronic' share.
http://www.businessdictionary.com/definition/share-certificate.html#
Did you consider that RME share reduction would come via sales into the market?
Good point. With RME gone only longs and daytraders supporting the stock now?
Too bad a Transfer Agent can't confirm that theory. We do now know RME is out.
He probably dropped out of RME recently and left Moskowitz holding the bag. Metter should have filed an 8K reflecting his departure from RME by now, after all, RME is (was) Spongetech's major shareholder.
But the A/S got booted up to 3B.
AOL, MSN, etc don't update info feeds as fast as NASDAQ. RME pulling out of SPNGE is not a good thing.
No wonder Metter said this in the NY POst article:
"SEC filings name Metter and his chief operating officer, Steven Moskowitz, as "control persons" and directors of RM Enterprises. But Metter denied to The Post that he is an RM Enterprises officer, saying it was Moskowitz's relationship."
Yes they were. It listed a total of 8 which included RME, now there are only 6.