Spongetech Delivery Systems, Inc. (fka SPNGQ)

[nuubie]

Class Action Lawsuits stacking up:

Notice of Class Action Filed Against SpongeTech Delivery Systems, Inc. by Kantrowitz, Goldhamer & Graifman, P.C.
Press Release
Source: Kantrowitz Goldhamer & Graifman
On 2:13 pm EDT, Wednesday October 28, 2009


CHESTNUT RIDGE, NY--(Marketwire - 10/28/09) - Notice is hereby given that a lawsuit has been filed in the U.S. District Court for the Southern District of New York on October 28, 2009 by the law firm of Kantrowitz, Goldhamer & Graifman, P.C. on behalf of a plaintiff and a proposed class of purchasers of securities of SpongeTech Delivery Systems, Inc. (OTC.BB:SPNGE - News) ("SpongeTech" or "Company") during the period April 15, 2008 and October 5, 2009, inclusive (the "Class Period"). The complaint alleges that SpongeTech and certain officers and directors violated Sections 10(b), 14(a) and 20(a) of the Securities Exchange Act of 1934 by making false and misleading statements and omissions concerning SpongeTech's financial statements. It also alleges that the Company engaged in financial transactions with related entities owned or controlled by officers and/or directors of the Company and that said officers and/or directors of the Company engaged in manipulation of the Company's stock. The Company has been notified by the SEC that it is the subject of a formal investigation. In addition the SEC has temporarily suspended trading in the Company's stock.

Plaintiff seeks to recover damages on his own behalf and on behalf of the Class and is represented by the law firm of Kantrowitz, Goldhamer & Graifman, P.C. The firm has significant experience successfully prosecuting complex securities fraud class actions on behalf of defrauded investors.

http://finance.yahoo.com/news/Notice-of-Class-Action-Filed-iw-85394838.html?x=0&.v=1