Replies to post #249640 on Spongetech Delivery Systems, Inc. (fka SPNGQ)

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They warned the public , now on grey/pinks , will never uplist ever , it is clearly noted as having open active SEC investigation, open active class action lawsuits , no filings, it is clearly now a matter of time and it is clearly trade at own risk , plus if they play games now they will go directly to jail , these filings , the forms 3,4,13 r a direct result of sec looking over operations , the raise of the a/s to 3 billion was result of same , the halt was made so everyone will know this is not some maybe investigation , this is real deal with evidence and facts, it is time to get out or risk losing it all , sec has warned you , imo , and yes , I believe we will see another halt before it is all over... plus some arrests , and then class action lawyers will suck every penny out of the insiders perosonaly and every penny from any hidden coffers, wanna bet u start to see some of the banners in ball parks come down when the folks dont get there monthly payments , have u seen any spng commercials lately? were is spongebob? lol , spongebob , that is over and done never to happen... this thing is all over but the day trading , .0001 / no bid next stop imo

[Need a New Alias]

Dumar-how many times does it have to be explained to you that SPNG cannot be suspended again for the same issues?

The SEC's suspension authority is limited to 10 days period. contrary to the erroneous beliefs expressed by many here the SEC cannot "shut down" a stock.

They can permanently shut down trading in a stock only through a formal revocation hearing for failure to file required reports, ant that usually happens only after years of non reporting, although bringing the action is at the sole discretion of the SEC and they could move more quickly. That involves notice to the company, an evidentiary hearing before an administrative law judge, and if the decision is adverse to the company they have a right of appeal. The time frame is six to nine months.

The other option is to file civil litigation alleging securities law violations, but stopping trading is not one of the sanctions available. If the ongoing violations are sufficiently egregious the SEC could petition the Judge to remove management and appoint a receiver to run (or wind up) the company. This is a multi year option.