Spongetech Delivery Systems, Inc. (fka SPNGQ)

[tturner617]

Per hurtz on yahoo about Pacer (1st class action)

PACER Update: Stipulation filed in Rosen class action today!!!!! 59 minutes ago As I stated yesterday, I thought the parties had reached a Rule 11 Agreement when no Answer or response was filed by SpongeTech. I was right.

Today, a document entitled "Stipulation" was filed in the Southern District and approved by the Court. It states that SPNG does not have to Answer or otherwise respond to the lawsuit filed on October 9, 2009. Instead, the Court has instructed Rosen to designate a new lead plaintiff in the lawsuit and to file an Amended Complaint within 60 days. SPNG then will have 60 days from the filing and service of the Amended Complaint to file an Answer or move for a dismissal.

IMO, the lawsuit had major problems with it and Siegel brought its defects to the attention of Rosen. I believe no Amended Complaint will be filed and the lawsuit will be dismissed.

This is great news for Longs. I believe Rosen has seen the 10K. I believe the parties all sat down yesterday and reached this stipulation. Congrats. Just like the reverse split. Poof. Bye Bye lawsuit.

Oh, and one more thing. FU Angus.