Spongetech Delivery Systems, Inc. (fka SPNGQ)

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CA LAWYERS WILL FEAST ON SPNG CASCASS THE SHORTS LEFT BEHIND > AND BE CLEAR - IMO OF THE FACTS SPNG INSIDERS > DOUG FURTH (THE GROUP) , RME , ET AL - IMO THEY SHORTED SPNG USING "SHORT SWING TRADES" AND ARE ABOUT TO MAKE $100 MILLION CASH ON THE SHORT - THEY SHORTED WELL OVER $60 MILLION IN STOCK AT $.13 - WHO HAD ACCESS TO THAT MANY SHARES? WHO KNEW LED PIPE LOCK IT WOULD IMPLODE? WATCH - THEY ARE ABOUT TO TRY AND PULL ONE OF THE BIGGEST SCAMS ON THE OTC EVER - IMPO

The Complaint charges that SpongeTech, and certain of its directors and officers violated federal securities laws by issuing false and misleading financial information to investors and engaging in a stock manipulation scheme. In particular, the Complaint alleges that SpongeTech misrepresented its sales revenues, failed to disclose alleged short selling of the Company's stock by certain, and improperly forged opinion letters of counsel in order to permit the sale of the Company's stock. The Complaint further alleges that as the truth of the scheme was disclosed publicly the price of SpongeTech stock fell dramatically -- damaging investors. As a result of this alleged misconduct, the Company is the subject of a formal SEC investigation and the SEC has temporarily suspended trading in the Company's stock.

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The Brualdi Law Firm, P.C. Announces Class Action Lawsuit Against Spongetech Delivery Systems, Inc.
13 minutes ago - Globenewswire

As of 12:00 AM ET 10/5/09
The Brualdi Law Firm, P.C. announces that a lawsuit has been commenced in the United States District Court for the Southern District of New York on behalf of all purchasers of SpongeTech Delivery Systems, Inc. ("SpongeTech" or the "Company") (OTCBB:SPNGE) (OTCBB:SPNG) stock between April 15, 2008 and October 5, 2009, inclusive (the "Class Period") for violations of the federal securities laws.

No class has yet been certified in the above action. Until a class is certified, you are not represented by counsel unless you retain one. If you purchased SpongeTech common stock during the Class Period, and wish to move the court for appointment of lead plaintiff, you must do so by December 8, 2009. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period. You do not need to seek appointment as a lead plaintiff in order to share in any recovery.

To be a member of the class you need not take any action at this time, and you may retain counsel of your choice. If you wish to discuss this action or have any questions concerning this Notice or your rights or interests with respect to these matters, please contact Sue Lee at The Brualdi Law Firm, P.C. 29 Broadway, Suite 2400, New York, New York 10006, by telephone toll free at [phone] or [phone], by email to [e-mail] or visit our website at http://www.brualdilawfirm.com.

The Complaint charges that SpongeTech, and certain of its directors and officers violated federal securities laws by issuing false and misleading financial information to investors and engaging in a stock manipulation scheme. In particular, the Complaint alleges that SpongeTech misrepresented its sales revenues, failed to disclose alleged short selling of the Company's stock by certain, and improperly forged opinion letters of counsel in order to permit the sale of the Company's stock. The Complaint further alleges that as the truth of the scheme was disclosed publicly the price of SpongeTech stock fell dramatically -- damaging investors. As a result of this alleged misconduct, the Company is the subject of a formal SEC investigation and the SEC has temporarily suspended trading in the Company's stock.

This news release was distributed by GlobeNewswire, www.globenewswire.com

SOURCE: The Brualdi Law Firm

CONTACT: The Brualdi Law Firm, P.C.
Sue Lee, Esq.
(212)-952-0602
(877)-495-1187
[e-mail]