We do not know exactly what documents were requested and it is very difficult to speculate.
It appears to the Securities and Exchange Commission that there is a lack of current and accurate information concerning the securities of SpongeTech Delivery Systems, Inc. ("SpongeTech”) because questions have arisen regarding the accuracy of assertions in press releases to investors and in periodic reports filed with the Commission concerning, among other things: (1) the amount of sales and customer orders received by the company; (2) the company’s investment agreements; and (3) the company’s revenues as reported in its financial statements. In addition, SpongeTech has not filed any periodic reports with the Commission since the period ended February 28, 2009.
I agree with you for the most part. However, after re-reading the suspension order from the SEC, I believe it is really quite easy to speculate as to what documents the SEC requested from Spongetech.
I suppose there is a good chance they have been advised by counsel to keep quiet until the SEC makes another move. However, I still don't see how releasing that information publicly could make a difference. Either way they are screwed if they lied either in their PR's or to the SEC.
But like I said, i'm not as experienced with penny stocks as others here.
GL :-)
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