Spongetech Delivery Systems, Inc. (fka SPNGQ)

[shajandr]

Anybody can file a complaint. I can file a complaint claiming you stole my Mars rocks and are hiding them on Pluto.

But without evidence and proof - these useless cases go nowhere.

The reason SPNG is bankrupt is because there was not the $70 million in sales revenue - so they are insolvent. Sales were minimal and expenses were high - with advertising to sell STOCK SHARES and to pay for stooges to buy the nominal product off store shelves to make it look like there were real sales.

If a company is profitable and not just in the business of SELLING NEWLY PRINTED SHARES, no amount of shorting can cause bankruptcy. You could drive the share price to zero and it would still be a profitable company.

Spongetech's sales were minimal. That is the reason they are in liquidation bankruptcy - not even eligible for Chapter 11 reorg because it never was a viable business.