Carpedeim, you really need to contact the SEC's Division of Investor education.
The SEC does not audit that which is not filed, they are a reactionary agency that audits that which is filed. Their investigation began regarding public releases and past filings addressing revenues and customers. They did not start the investigation based on fraud they expected SPNG to commit in the future.
When SPNG puts out a filing claiming hey have $35 Million in revenues consisting of 95+% of sales going to 6 customers, the SEC would audit the accuracy of that filing including teh proof of sales and existence of customers. When SPNG puts out a press release discussing $70 Million in Q1 Bookings, the SEC can audit that press release because it was made public and they do not need to see a completed 10Q to review.
Fact is, it is useless for the SEC to sign off on a filing before it is filed because there is no assurance that what is filed would be the same as what the SEC reviewed.
From all the evidence made available, there is most likely something wrong with the reported filings. If 2008 was problem free the company would have reported such and proceeded forward. If the SEC discovered something the company can re-file without a settlement in place with the SEC as I provided historical evidence of such happening. Neither has taken place.
But don't take my word for it, call yourself and start asking the questions.
Office of Investor Education and Advocacy
Lori Schock, Director
(202) 551-6500
