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 think details would be very important at this point, all we know is there is a SEC investigation. What if there not looking at management, or what if they are looking at management and find no wrong doing. Im not saying spongetech is right or wrong in this, but do think we need more details before deciding.
Innocent until proven guilty!
Like NSS???
If you read the original post I was replying to (217087) you would understand my statement. I know the SEC would not release such information, and I also know information could leak out if brokers were contacted. But that still would not give anyone detailed info about was the SEC was investigating.
I never knew the SEC was so open in there investigations.
Are you saying you received confidential info from the SEC???
There is currently 28m shares of class B, which = 2.8 Billion votes. Plus what ever amount of common stock they own. They have always had majority voting power.
How do you know that???
I know that, but wish REG SHO could give a little more information. Maybe like brackets on the list, to at least say if there are a lot of FTD's, or small amount of FTD's that the SEC is aware of.
That is true, I think that is the big problem with Reg SHO.
The percent is one half of one perecent of the current O/S.
Lets say spnge o/s is still 722m
That would mean the FTD's could be as low as 3,610,000 and still be on the list.
But there is no way of knowing how many, could be as low as 3.6m or as high as 1.5b. That is what I hate about the list
Are you saying that there in no such thing as NSS? Its true no one can prove there is a NSS position in spongetech, but even the SEC started to admit that it does exist.
I agree on that,
Whats your take on if no halt trade is issued next week, would that not look in managements favor?
Im not saying there won't be one, will have to wait and see. Just trying to look at this from every angle.
and the plot thickens!
You could be right on that, didn't look at it that way.
Always appreciate logical replies.
Anyone who has watched this stock trade for at least a couple of months knows there has been manipulation. I know myself and a lot of others on this board have watched for a lot longer then that. One big part of the dilution theory that does not make sense to me, is why would management keep the price down. This stock has been manipulated on the downward side, if management was dumping shares would they not want to make the most money possible. Sure the price would take hits every now and again when they dumped shares but not the battle we have every day to move up.
Know matter what, it will be interesting to see how this plays out!
JMO
It said the company and or other persons. If the SEC was investigating over the NSS im sure they would look at the company too. Just to make sure management was not blaming a problem on NSS that they created.
Not saying for sure, just a thought!
I never said I believed him. Frankly I don't believe anyone unless they have proof. One side is saying 2.75B plus and the other side per there PR is saying 500m. Until I see proof either way I will try to listen to both sides.
But your saying he is a huge scam and a liar. So if he told me its 2.75B why should I believe him?
Even if its true, I really doubt he would confirm it for me. Also your assuming its over 2.75 billion, im not saying it isnt but would like proof.
You know what they when you assume!
Do you have proof? I am not saying its not that high, but I would like proof.
But you said they have never reduced O/S in a filing, which is not true. I did not say it was the current O/S, nether one of us knows that.
3 months ending 2-28-2009
What does that matter? You said they have never reduced o/s in a filing
The O/S was reduced by 500m shares in the last 10Q.
Or thursday?
But what if they don't stop it at all next week????
Naked shorting is. Now its true no one can prove a NSS position is in spnge, other being on REG SHO. But are you saying there is no such thing as naked short selling? because even the SEC started to admit there was.
They started the official investigation on 9/18 plus looking at them longer then that. Why has it not been halted already?
It might be halted on monday, will have to wait and see. But if its not, what would you make of that?
It should take the SEC about 2 minutes to figure out what the A/S and O/S is for the company.
A/S - DEL SOS
O/S - T/A
I am not saying management is clean in this,they might not be. But not you, or me, or anyone else on this board know what the SEC is looking at. But if it was the A/S and O/S and if its as bad as you claim, why have they not halted trading?
I disagree,
They have products in stores which is better then most otc companies. Even if they only did $10m in sales, some advertising agreements and had a very low o/s they would still be better then most otc stocks. PPS would of rose well past 28 cents, then they could of dumped there shares. Would of been more like a billion dollar gain not 150m. Also doing it that way would of kept a lower profile with the SEC.
So I will stand by my post, that if spongetech is a pump and dump (which im not saying it is, need more facts) they were very bad at doing it.
JMO
If Spongetech is a pump and dump they were very bad at it. Think about it, we see otc pump and dump all the time. Why go through so much trouble to raise the pps to 28 cents. Why waste money on all the advertising, and why make your self so visible to the SEC. You could say normal otc scams might just be a slap on the wrist, but not with them way to much exposure. If they were the ones keeping the price down by dumping, why not wait. So much advertising and good PRs could of got the price well above 28 cents. I seen stocks go from .20 to over a dollar on much less news.
I will wait and see how this whole thing plays out, but right now there seems to be more then what meets the eye. I would like to see more facts before I make my mind up.
JMO
The R/S date was after the 10K was supposed to be released. They did the right think by postponing it. Would you really want to see your shares go through a 100:1 R/S without seeing the 10K?
Its about time they go on the offense!!!
GREAT NEWS
Spongetechs products are still listed on all the websites, and still in the stores by me. I live were we wash are cars year round, are they pulling the product where it snows, sure i'll give you that.
If the reporter was so interested in the last 10Q, why not mention the huge reduction in O/S?
I am not saying that we do not need to see the 10K, I am just as mad as most here that it is still not out. Not everyone of my post have been positive about spnge, and there are some red flags but that article was one sided.
My biggest problem with the NY Post article is they fail to mention the retailers spongetech is currently in. They make it sound as if all of spongetech sells come from no name companies. Are there some questions with those companies maybe, I really don't know. But why not mention that spongetech products now sell in:
Walgreens
PetSmart
CVS
Costco
Sears Canada
Ace Hardware
QVC
HSN
and many more!
Not on my computer today, trying to keep up on my blackberry.
Did AYME support the bid today at all???
I am very happy with management decisions this week. I posted last week that their were three big red flags popping up with Spongetech and management just took away two.
Postponed R/S - Management did the right and legit thing by stopping it until we can see the 10K. No legit company would make their shareholders go through a 100:1 R/S without seeing the 10K.
GETFUGU - I never liked that investment, to many questionable connections with that company. Even if it is a legit company their were better things they could do with 4 million dollars. We do not know who stopped the investment, I think it was Spongetech.
Now all we need is the 10K, and I feel much better about seeing it this week over last week.
All just my opinion.
Opus,
Don't you think todays trading was weird for this stock. It almost acted like a normal stock, whats up with that?
Hows the back?
No one has any proof that the SEC had anything to do with canceling the R/S. Also if they did not want ous to see the 10K before the R/S why give ous so much advance notice.
If they were in so much trouble why would D&T take them on as a client and why would the SEC just not halt trading?
daytrader2008,
I agree there are some red flags with this stock, but I really think a big one was lifted yesterday. I would not let my shares go through a 100:1 R/S without seeing the 10K and management did the right thing by canceling it. If this was just a scam why not go through with the R/S, PPS would of been around $10 and they could of dumped all there shares. I know we need to see the O/S number to know for sure, but again why hold off the R/S if it was bad. I might not like everything Spongetech has done, but I don't see how you can call it a scam at this point. There has been a lot of good with the bad.
JMO
I really don't understand why there is so much selling. Management released exactly what I wanted to hear, no R/S until the 10K. There was no way I was holding my shares through a 100:1 R/S with out the 10K. You think anyone who wanted out before the R/S was out, maybe even trying to get back in and anyone holding through with no 10K would still be holding. Is it just the A/S number causing this?
Why can't most just admit there are some big red flags popping up with Spongetech:
1. 100:1 R/S
2. $4m investment in GETFUGU. (research Carl Freer)
3. delinquent 10K
This all happend in just two weeks.
No one knows how this will turn out, but Spongetech could be doing some things to ease the minds of share holders. The big question is share structure, we do not need the 10K for that just release it.
This whole thing could go very right or very wrong, but right now its leaning toward wrong. I am not saying that can't change, but people should not blindly follow management.
JMO