Replies to post #206917 on Spongetech Delivery Systems Inc (fka SPNGQ)

[General Grievous]

I made a connection today, could be reaching i dont know. but according to "the letter" pensely claims to not have written any opinion letters for spn since 2007...yet he still worked for them for some time after. NOW the SEC found some irregularities or Something in 2008s audit, and theres unknown issues with the 2009 audit. what confuses me is that when drakeford did our 2008 audit, i don't believe his license was revoked yet? why would they have to be re done? lots of red flags

[janice shell]

My take is that it's real. Newspapers don't allow their reporters to publish allegations of that kind without doing some fact-checking. They don't like lawsuits, and I have no doubt the NY Post article was okayed by the legal department before it was published.

In an initial, "informal" investigation, the SEC asks questions of the company. We know there are problems with the financials, and that the company has said it will address those problems. That's not likely to be a quick process.

If the company is able to satisfy any other questions the SEC may have, then presumably everything will be all right and the investigation will be dropped. If not, it will proceed to the "formal" stage.

[no_BS_plz]

I don't read every post, but when this turn from a re-audit of 2008 10K to an investigation?