Spongetech Delivery Systems, Inc. (fka SPNGQ)

[patchman]

Tavy, the SEC has a responsibility and in situations like this they fail their responsibilities.

The trade suspension is an act that results in a shift in how a market trades. The SEC can not do this without sufficient evidence that there is impending harm to the public. You do not suspend a company in September citing harm to the public and then allow it to re-open and trade for the next 6 months and counting. The only difference between September and today is the PPS.


A Wells Notice states clearly that the SEC has sufficient evidence to file charges and offers the company to respond. but that should be in a limited capacity to respond to again protect the public.

Since the SEC first suspended trading those holding Spongetech's debt have found that payments have stopped. That is a harm to the public. How much additional damage is accumulating is unknown but the evidence grows as lawsuits get filed. The SEC is responsible for protecting this public.

Likewise, investors deserve protection or deserve a market free trading. right now the company and the agency are denying the public answers and that is where harm to the public exists.

Ultimately, those that buy this stock have a case against the SEC should the SEC suddenly shut this company down. Certainly those that would have purchased the tens of millions of toxic shares sold by Lazauskas and Metter in order to raise capital to pay off a prior legal matter could claim that the SEC allowed this sale of toxic shares to enter the market without disclosure of their toxic nature.

With a question about the company the SEC should be stepping in to disclose to the public the future of this company when insiders are selling the shares they are selling or, the SEC should be contacting the judge and forbiding the liquidation of these shares.