I looked at SPNG as a NSS because it was what was presented to me. I was then provided contact with a contingent of large investors who started to tell me stories that did not make sense. Some of the first glaring red flags were:
1. Conflict of interest between RME and SPNG.
2. Lack of accurate SEC filings on major Shareholders and changes in Beneficial Holder changes. All reporting companies require this disclosure.
3. Repeated changes in share structure.
I then looked at the short interest over a long period of time and compared it to structure changes, sales, and the SHO list. Didn't add up. Insiders that sell can look just like a NSS and lack of disclosure is a perfect mask of that data.
Finally I got confirmation that my investigation was leading in the right direction from somebody I trust.
Even with all this it does not mean i am right.
My responsibility from here was to simply educate people and to let them know what MAY lie ahead which included a trading halt. If you look at my posts i have never told people to sell out, only to trade cautiously and to trade this stock like it were a P&D. If you know the game and want to be in it, at least understand the rules. people do make money trading a P&D but there are risks.
The SEC will investigate this deeply and they will respond with the proper action required. I know it. I had filed complaints with the SEC and then with the OIG once I could show that the level of your concerns was significant. This will require that what ever they find will be dealt with accordingly. That means that if it is a NSS issue I know that too would be addressed because to the SEC that is ultimately my biggest bitch.
I know none of this helps with your gains and losses but I hope that to some degree it helps understand this market.
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