Here is my response.
1.) yes the auditor got in trouble for their only other client... and now SPNG's numbers which were done by that audit are coming under question by the SEC. The SEC got SPNG"s books on the 18th of last month... and as of monday after looking through their books for two weeks determined they couldn't find where the numbers were coming from...
2. Yes they have to re-do prior years, however as stated above, one will have to question what sales were actually real... as clearly the SEC after looking at the books have had a hard time finding out..
3-4. The NY post is odd, and I agree it is kinda not the best journalism although it did save many who sold... so for that it was a good thing, Did the result justify the means, that's a question one will have to ask... but needless to say if they helped someone...
5 yes the company released info about exploding growth, and huge orders, and the SEC comes in and questions where these orders are coming from after looking at their books...
6. I don't think M and M are surprised because they provided the correct info... if they had done so, they would have dismissed what was said in their PR.. I think they were surprised because they got caught, I think they were surprised because I don't think they knew what they were doing was wrong..
7. Well they could have very well sold shares legally and not through RME, but if that's the case, and they did so while cooking the books as per the SEC it would appear they were... one must beg the question, how legal is this... Not only did they "cook the books" but also gamed the system to make it appear there were fewer shares to sell than there actually were... this just adds fuel to the fire..
8. individuals are individuals nothing will change how anyone acts or did act...
Everything I say is in my own opinion do not buy sell or hold based off what I have to say.
