Replies to post #40774 on Spongetech Delivery Systems, Inc. (fka SPNGQ)

[z4lover]

IF dougs group owns 250 million shares he owns more than the float, do you know what your saying???

[printmail01]

That makes PERFECT SENSE , IMPO Doug Furths "GROUP" is hard at work on Spongtech stock..... IMO

Dougs' group has been getting some recognition for all of the hard work they have done on some other projects .........

Plaintiff: First Responder Products Inc
Defendant: Douglas G Furth, Mark Fixler, Jag Enterprises LLC, Michel Attias, Brendon Attias, Timothy Garlin and Does
Case Number: 8:2008cv00586
Filed: May 27, 2008
Nature of Suit: Other Statutes - Securities/Commodities/Exchanges
Cause: 15:78m(a) Securities Exchange Act

LEGAL PROCEEDINGS
On May 27, 2008, as previously reported, the Company filed a lawsuit in the United States District Court, Central District of California, Case No. SACV08-00586 CJC (PLAx) alleging securities law violations and fraud against Douglas G. Furth individually and allegedly dba Millennium Consulting Group, Inc., a defunct Ohio corporation; Mark Fixler; JAG Enterprises, LLC; Michel Attias; Brendon Attias; Timothy Garlin; and various DOE defendants for disgorgement of short-swing profits in violation of the Securities Exchange Act of 1934, Section 16(b) and for recovery of damages for fraud and deceit. These defendants, collectively, refer to themselves as “the Group”. The amount of defendants’ short-swing profit liability is unknown at this time but the Company intends to engage in expedited discovery to determine defendants’ trading profits which, by statute, must be returned to the Company. The lawsuit also sought the return of one million shares of stock given to the Group Defendants as consideration for alleged consulting services which were never performed, and which allowed the Group Defendants to engage in, as the Company alleges, illegal manipulation of the Company's stock
http://yahoo.brand.edgar-online.com/displayfilinginfo.aspx?FilingID=6166680-71351-76415&type=sect&dcn=0001116502-08-001559

[printmail01]

short-swing TRADES:

short swing rules
Definition
A rule that restricts company insiders from making short swing profits. The company and/or its other shareholders are entitled to recover the profits earned by the insider.
http://www.investorwords.com/4562/short_swing_rules.html

Doug Furth and "The Group" have alledgedly used this tatic in the recent past. Per GWS TECHNOLOGIES, INC (GWSC.OB) Form 10QSB/A on 25-Sep-2008
http://biz.yahoo.com/e/080925/gwsc.ob10qsb_a.html