Teri Buhl took my comment off her website
Metter’s Spongetech bought Dicon for cash last year and Dicon has been selling cosmetic sponges and other items to Wal-Mart for a Decade. Why update your story to add a correction from Ms. O’Brien and then twist Dicon? Bad reporting?
Dicon is Spongetech and is not a distributer, they are the manufacturer and patent holder. The SEC investigation and the Class-action are the result of a similar slanted series of articles that appeared in the NY Post. The class action lawsuit complaint – quotes the NY Post verbatim as fact- while mixing in colorful speculation also as fact when it is not. There are many easy to discover facts that are omitted —-like the fact that Spongetech owns Dicon– that Dicon is the manufacturer of the Spongetech line that are simply dismissed. Is this poor reporting –or are you leaning a certain way to help a friend JC? Spongetech has released a new marine products division, is releasing Dora the Explorer and the Pink Panther this month, and cut a licensing deal will Marvel Comics just before the Disney vote to license any number of the 3,000 Marvel characters. I cannot see or find where SpongeTech was ever a vendor in the past unless you count sales to Wal-Mart in South America, but that would make a part of the Post articles wrong. You write that “Weise said investors are still joining the suit” but the deadline to submit proof of claims has long past. Was he misquoted also? Bad reporting? half truth? You say Gary Graifman filed the initial complaint, but that is untrue as the initial complaint was filed by the Rosen lawfirm who would not comment. False truth? Half truth? bad reporting? I do not know Mr. Metter and if he is guilty he should burn but using words like ‘alleged’ or ‘alleging’ in the first paragraph does not give you a license to tell less then the truth and help to destroy a business that is climbing in the face of adversity . You say “some are wondering if the FCC will allow him to keep his radio license” Who is “some”? You or the group that fed you this story? Why did Metter not comment on his radio license? Where is Cresta Capital in your story? Hedge fund Pike Capital Partners bought 60,000,000 shares of Spongetech AFTER the SEC dropped SPNG from OTC to Pink to Grey sheets,for a total of 160,000,000 shares. Why? Pike owns more shares then Metter..Why? What does Pike know? What about all the sales at Sears and KMart and Bed Bath and Beyond and Pubilx and Food Lion? Why just question Wal-Mart? Spongetech Auditor Drakeford had their PCAOB license revoked for a matter unrelated to Spongetech and cannot legally perform audits for public companies anymore. This event is what started the slide in the stock price. The SEC would not accept financials prepared by Drakeford. So the only “crime” so far is that Metter hired an auditor who lost his license. This is what led the the SEC trading halt.
While on the surface the whole thing looks and smells bad you should give Mr. Metter another chance to comment as you have done with Ms. O’Brien. The products are in stores and are selling and some group seems to have a vested interest in seeing this stock go to zero. Who? Why? You should start with who fed you the story to begin with? Mr.Metter returned your prior call even after Mr. Boyd confronted him unannounced at his home that you posted photos of. Why not call him again and ask for his “side” of the story.
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