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Timber run up with no real news. Same danny take your profits and run
Dont you worry already made my money here. Just waiting for the bottom to fall out.
Falling stock ?
Timber
Been here 4 years, remember the pill container and gym equipment held for the .015 pump and the .03 pump holding strong up 10k plus profit loaded at .002 bought originally at .03 any ones guess on where this could be after first quarter finacials come out? Curious on penny traders outlooks what percentage profit do you take, up 100 percent,200 percent,500 percent? sell everthing the day before finacials?. Also missy and tiki you guys give up on danny? I appreciate the comments and bs people talk about on here, it has made my days go my quicker thousands and thousands of post read this is a legit company and is growing. Danny is just a guy trying to build a company, baby steps its not a lulu and his bs pr's are interesting with the kardashians,bravada brand,mel b, tv show american brand, upgrated water coolers, lack of getting us current already,buy back, danny talk to us i would spend alot more money on brav if i knew this is going somewhere, Yes no dulution but people are already questioning restricted shares issues. If you want to make this a real company. Talk to us investers need a reasurance. This could be be in the pennies if not more it wasent for the penny traiders buying low and selling before the numbers come out. Is there anything more to this than just penny tradiers can this company actually make it to a legit company worth investing it, give me some good insite or should i just dump millions at ...88 tomorrow take my money and say the hell with it. Will this company dwingle down in a year or 2 and do a reverse split and back in business danny you need to step up and make us believe are money is in a good place
140,000 shares here
SEC Rules Caselaw Bookstore Messages Links
The Wells Notice in SEC and NASD Investigations
Could it possibly be a good thing?
By Mark J. Astarita, Esq.
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Being the subject, target, or even a witness in an SEC or NASD investigation is not a pleasant experience. As I discussed in my column "When the SEC Comes Calling" a financial professional's involvement in a regulatory investigation or proceeding is extremely serious, and can be a career busting event.
While careful preparation and use of experienced counsel is the key to a successful outcome, prospective defendants (who are called respondents in these types of proceedings) have a valuable tool in their arsenal when dealing with the regulators - the Wells Submission.
The process starts with a Wells Notice - a notification from a regulator that it intends to recommend that enforcement proceedings be commenced against the prospective respondent. The notice references, in broad-strokes, the violation that the Staff believes has occurred.
Receiving a Wells Notice is hardly a positive event, as it signifies that you are the subject of an investigation and that enforcement proceedings are going to be commenced against you. However, a Wells Notice is rarely a surprise, and provides a unique opportunity for a prospective defendant to speak directly to the ultimate decision maker prior to the commencement of regulatory proceedings. The process by-passes the District or Regional Staff, and allows the prospective defendant to present his case against the commencement of the proceedings directly to the decision makers, without filtering or misunderstanding of the Staff.
There is no legal requirement for a regulator to provide a Wells Notice to you, however it is the practice of the SEC and the NASD to provide such notice. Procedurally, the SEC and NASD Staff (the people you are dealing with during the investigation) do not have the authority to commence proceedings. They need to obtain approval to commence proceedings. The approval process is handled without any input from the prospective defendant.
While there is no rule or regulation that requires that a prospective defendant be given the opportunity to address the decision maker prior to the filing of an action, in 1972, SEC Chairman William J. Casey appointed a committee (chaired by John Wells and commonly referred to as the “Wells Committee”) to review and evaluate the Commission’s enforcement policies and practices. Among the recommendations made by the Wells Committee was the following:
Except where the nature of the case precludes, a prospective defendant or respondent should be notified of the substance of the staff’s charges and probable recommendations in advance of the submission of the staff memorandum to the Commission recommending the commencement of an enforcement action and be accorded an opportunity to submit a written statement to the staff to be forwarded to the Commission together with the staff memorandum.
Although the SEC did not adopt many of the recommendations of the Wells Committee it did adopt this recommendation, and the notice is now known as a “Wells Notice” and the prospective defendant’s response is a “Wells Submission.” The NASD also uses a form of the procedure in its investigations.
The receipt of a Wells Notice typically does not come as a surprise to the prospective respondent, as there is almost always an investigation that leads up to the Wells Notice, and discussions with the SEC or NASD staff. The real question with a Wells Notice is whether to respond to the notice and whether to make the Wells Submission.
While it seems on the surface that a submission should be virtually an automatic response to a Wells Notice, nothing could be further from the truth. The fact is that most securities law practitioners do not make such a submission. The reason is that a Wells Submission is not privileged, it is not confidential, and anything that is alleged in the submission can be used against the prospective respondent at the hearing. Additionally, a Wells submission is discoverable - a well placed subpoena can obtain a copy of the submission, to be used in later civil litigation by private citizens.
Prospective respondents must keep this in mind in deciding whether to make such a submission, and must keep in mind that the SEC or NASD has conducted an investigation and made a determination to commence proceedings. It is therefore extremely difficult to argue factual matters in a Wells Submission. If you do, you are simply pointing out that there are disputed facts, and underscoring the fact that the Staff’s position is correct, if its facts are correct. The end result of a “factual” Wells Submission is a hearing, where the SEC Staff has been given advance notice of a respondent’s factual defenses, which they might not have otherwise obtained.
Therefore, a Wells Submission must be carefully considered, and should not be automatic. More often than not, a prospective respondent should be declining to make the submission. However, there are instances where the submission is a valuable tool in for the defense, and can be used effectively to limit the actual charges that are filed, and in some instances, avoid the proceeding altogether.
When do we respond to a Wells Notice? When there is a clear error in the facts (which I have never experienced) or in two other events – first, where there is a clear and compelling policy argument against the commencement of enforcement proceedings, or second, where the Staff is misinterpreting the law or the facts.
The first case is clearer, although rare. One of the submissions that I made came after a lengthy and extensive investigation of a wire house by the SEC Staff. The Staff informed my client, who was a former broker at the firm, that they were not looking to commence proceedings against individual brokers, but were investigating the firm itself, and the firm’s management. Of course, such a statement is not binding on the Staff, and the statement came early in the investigation. However, in our own investigation, we learned that the Staff was interviewing something on the magnitude of 50 former brokers of one branch, and was apparently telling each of these brokers that the investigation was of the firm, and not the individual brokers.
After approximately two years, my client, and apparently dozens of other brokers, received Wells Notices, informing them that the SEC Staff was recommending enforcement actions against each of them individually, for their conduct at their former firm, which had occurred 3-5 years earlier. It was our belief that the Staff was unable to make a case against its original target, the firm, and simply decided that since it had spent so much money on an investigation, it might as well commence proceedings against someone.
We decided to make a Wells Submission, arguing that the conduct alleged against our individual client, if true, was minor, and had been addressed in previous exchange investigations, without any enforcement proceedings. We also argued that the use of the Wells Notices to justify the Staff’s use of resources in the investigation of my client’s former employer was simply wrong, and that proceeding against the individual brokers was a further waste of the Staff’s time and resources, with no corresponding benefit to the goals of the Commission or the protection of the investing public. The SEC ultimately agreed, and no proceedings were commenced.
In a recent investigation, the NASD Staff decided to commence proceedings against a firm and its top producers for violation of an new, and unwritten, interpretation of the 5% Markup Policy and the so-called “Proceeds Rule”. Our submission was a lengthy and detailed analysis of the rule, and policy behind the rule, the failure of the Staff and NASD to notify any market participant of the new interpretation. We also argued that the firm and the brokers were following stated NASD policy in calculating markups and commissions. There were factual arguments, but those were designed to show that the alleged violations were not intentional, or significant in context.
Although negotiations had been ongoing for months with the Staff, those discussions were not productive, until our Wells Submission was made. The investigation was ultimately settled, and the NASD did not commence proceedings against any of the brokers.
I recently represented a sales trader who received a Wells Notice, alleging that he had violated the rules of fair practice by "url guessing." It seems that a public company was not particularity concerned about the publication of its earning releases, and numbered them sequentially - the press release for the first quarter ended in "1", the release for the second quarter ended in "2", and so on. In September, before the release of the third quarter earnings, analysts at the firm tried to find the press release - and they changed the URL of the second quarter press release URL from a "2" to a "3". Much to everyone's surprise, the third quarter press release appeared in the browser.
Analyst told sales trader, sales trader told customer, customer purchased. NASD investigation ensues, and we successful argued that "url guessing" was an accepted practice in the Internet age, that the issuer had actually released its earnings by posting the release in an unprotected portion of their web site.
While it is unclear if the NASD agreed, we received notification, after a receipt and review of the Wells Submission, that the NASD had decided not to proceed with an enforcement action.
As demonstrated by these examples, a Wells Submission can be a valuable tool for the defendant. It gives the prospective defendant the opportunity to speak to the decision maker and to have his or her position on the substance of the matter heard before a decision is made to commence proceedings. At the same time responding to a Wells Notice can ultimately harm a prospective defendant’s position at the hearing and in later negotiations. It is therefore extremely important for a prospective respondent or defendant to analyze the pros and cons with their attorney before making the submission.
curious i had a stop loss set at .045 and today just randomly executed at .052 and .058 i called etrade any they are just giving me the run around there looking into anybody know y that happened today? is it just a mess up by the mm's?
The Company’s consolidated financial statements are prepared using accounting principles generally accepted in the United States of America applicable to a going concern which contemplates the realization of assets and liquidation of liabilities in the normal course of business. The Company has incurred significant losses from its inception through September 30, 2009, which have resulted in an accumulated deficit of $21,556,629 at September 30, 2009. The Company currently does not have an established source of funds sufficient to cover its operating costs beyond the next three months, has a working capital deficit of approximately $3,266,000, and has relied exclusively on debt and equity financing. Accordingly, there is substantial doubt about its ability to continue as a going concern. Continuation of the Company as a going concern is dependent upon obtaining additional capital and ultimately, upon the Company’s attaining profitable operations. The Company will require a substantial amount of additional funds to complete the development of its products, hospital beta testing, commercialization, and to fund additional losses, until revenues are sufficient to cover the Company’s operating expenses.
Posted by: brian1980 Date: Wednesday, November 11, 2009 9:50:57 PM
In reply to: None Post # of 2772
everyone dont be to gung ho, there will be some consolidation at some point prob soon i would wait and buy more shares when it dips
Posted by: brian1980 Date: Wednesday, November 11, 2009 10:11:56 PM
In reply to: pisavsopbp622 who wrote msg# 2472 Post # of 2773
well id prob say around .21 have to remember this is a penny stock. But in penny land anything can happen
Good post finally somebody isnt all hardcore about a company that is very risky to invest in. Just dont give up your retirement money on this one
i made a grand on spng i waited way to long to sell well last night everybody was ripping on me because i said take some profit and wait until it consolidates and buy back in but after the the q came out this thing will continue to drop well maybe a dead cat bounce in a day or 2 but the financials are very bad for this company thats all i have to say i like to play pennies and do fairly well on them but were all on the same team here just giving the newbes something to think about thats all
ok investers did anybody read the entire 10k take your profit and move on i thought about buying today but with the info that the company is broke ill put my money into a company that in 3 months has profit comming in and growing not going to dulute just to say afloat and bash all you want i called todays action to a t
yea i held to long, with pennies need to play short term i was up 20k in a month and never sold a share and ended up making 1k truthfully nearly every penny is somewhat of a pump and dump there is a reason there not on the big boards but been playing grdo bough .007 sold at .016 and rebought .008 and sold today .01 so made some good profit its the only way to make money with penny stocks hold long term its one in a hundred to become a solid company jmo but check out all the pennys that spike huge for a few days they then drop and consolidate maybe spike again or may not but thats the way trading works im def not an expert but most people involved in penny land are newbes so just be careful and take profit often!!!!!!! im still positive cash flow but ya need to find a company before the initial spike. Also never invest in a company that is pumping its a buy for a day or two then drops like a rock and the experinced invisters day there money and move on and newbes are sitting there say wtf so good luck all
well id prob say around .21 have to remember this is a penny stock. But in penny land anything can happen
today was just a dead cat bounce
everyone dont be to gung ho, there will be some consolidation at some point prob soon i would wait and buy more shares when it dips
hay you told me to sell my shares a month ago i did today there all yours, maybe i should of listened to you, i would of walked away with about 10k more profit
I just want to know one thing, if spng cared about the shareholders why not release a pr today in regards to the situation of the 10k knowing this stock was going to bomb today? Why not give us some confidence to continue to hold? They didn’t do anything what so ever. Yea a possibility of nss, but ok only people willing to lose their entire investment are worthy of possible benefiting from it. Sold today .03 -.035 with a measly few grand profit I feel very relieved knowing I didn’t lose my butt on this investment im the same ahole who watched my .026 average shoot up to .28 down to .07 to consolidate and back up to .22 and down to .03 if you don’t call me a strong long I don’t know what is. I will be watching daily for the 10k but knowing im safe from not losing my entire investment puts me at ease. After reading nearly every post since April till now, all I can say is what a ride I really hope spng is all good, I could buy back tom and lose about 5000 shares and id be fine with that but the good possibility this thing will continue to slide and the fact that you’re not guaranteed to be able to sell, jmo but clear out and watch daily if the 10k comes out and is good get ready to buy it will still be low, I will sleep good tonight for the first time in a month knowing regardless if this is a nss problem or shady mm or a straight pump and dump that got out of control, im safe from losing my money. Good luck to everybody, don’t let greed get to you like it did to me
anybody know the share count? revenue? any fundaments available? Also for all the newbes, stocks dont just shoot to the moon theres a consolidation period id say sit and wait until its down to about .008 people will take profit which if you got in early you should sell your original investment and just ride the rest free of risk it will prob bounce again but not before it consolidates a bit jmo
elea you never posted until late sept y do you think your some expert. I am a long converted to a basher now original buy at .0147 in april. Explain to me y with all the volume with 722 million shares - rme nss or company duluting, its fraud and this stock is worthless are you pumping so some people will buy and you can get out on monday? Ok i go with staight fundamentals and mm has hung us out to dry big time.I have bought multiple sponges from these morons and yes they work but, doesent mean your account wont stay at 000 like it is now. Say they somehow sqeeze buy for now, lets see them do a 500-1 split and you shares are worth basically nothing. Pump and dump i never would believe it i honestly wouldnt, but wake up there done. The last hope was with our big accounting firm sticking by us now there gone? give me a good reason to stick it out compared to selling? Kool aid hmmm been working on the jack for 2 weeks lol
i am long averaging at .026 100k come monday im out i had full confidence and its lost i will never check the symbol spng again i have etrade will i be able to sell? and what price should i try to sell at? Should i set a limit order to sell now or just sell at market order come monday or should i wait a bit say 1030 and sell somewhat a newbe?
very good info here http://50centinvestor.wordpress.com/
my agenda 104,000 at .0147 holding strong havent sold a share watched thousands disappear in an hour but still have faith. ok jasper where are your facts ? people post fake crap on here all the time ive been here since what april ive seen it all where is your proff of fake documents have you seen them do you have copies? can i see them ?
just to let everyone know jedm is on the reg show list if your not fimilar with this this stock is serious shorted so some spikes here and there are inevidable i bought in at .04 and sold at .19 becareful buying and holding better off buying low selling when it shoots up and wait until we can actually see some financials its a great idea but dont fall in love with a stock untill you can actually see the fundamentals jmo
curious spng is now spnge isnt that a cusp, change could this start a sqeeze?
nice on the quote from one of my favorite movies another was get away from her you b.....
at the pace that were heading towards, the price of this stock will be at 5 cents by next tue when the 10 k will come out probally obviously sharholders are shakin including me does managment know that for us holding strong spng will have to be trading for 20$ to make up for the losses just in the past 2 days any possitive incite on this?
i am long and took 8k loss today curious people keep saying getting on the naz we will make more money say .15 x 100 = 15 a share say goes up to 30 a share i double my money same as if it goes to .30 so even at 50 a share the thoughts of getting rich in this stock is done any insite on this ive been long since my initial buy at .0147 today has made me sick somebody give me some motivation not to sell everything tomorrow and look for a new company to invest in?
ok well thanks for the info on that, well curious if we can get to the naz would the stock continue to trade like this or the day traders, shorts, mm and other bs going on in the otc go away and we could avoid the large gaps and the large fluctuation in the stock price? also 103,500 add me to the count. The bashers are comming back (good sign)they always do but i hear they get paid per responce so maybe respond with a new message instead of a reply dont give them there money. Well ive read basically every post since i bought in at .0147 just my opinion but this company unless management is a total scam duluting, putting out fake prs, risking there careers there own money which there already millionares this company will continue to grow and make all of us alot of money, i dont mind some who keep pushing the sqeeze my sell order is at 22 bucks lol but this company is on pace to grow even without the sqeeze one day you will wake up and say wtf the price shoots up but dont exspect it, its so much better when your not exspecting it lol everybody hold on to your shares like they said its time to move off the bullitan board go spng
curious long here y between 945 and 10 do we get a pull back nearly everyday since ive been here since march?
you sure about that didnt you buy all your shares around .20 cents hmmm yea what do you make minimum wage?
curious for tax purposes say you decide to flip and sell at say .23 buy back half of your profit at .16 do you pay taxes on all the profit you made or just the money you havent reinvested in the stock?
hmm ok mister lets short this to death, bs going to continue to grow
curious ive held this stock for a few months and average up at .026 i thought this was a sound company and all the sudden boom the bottom drops off yes there are a lot of people claiming this and that about the stock is this a stock that will hit the dollars or a pump and dump yes. The company is sound but the stock market does funny things what will happen this week?
idea for new product, i would say a sponge with some type of bug spray in it, wiping is alot less messy compared to spray. An outdore camping line is a good idea i think.