SpongeTech Now Under SEC Investigation…And They Thought They Could Slip It By Everyone
Posted by Timothy Sykes on Sun 27th of Sep, 2009 12:40:02 PM
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In a late Friday night SEC filing, Spongetech Delivery Systems, Inc. (SPNGE) thought they could quietly reveal that as of September 18th, 2009, they’re under SEC investigation “egarding possible securities laws violations by the Company and/or other persons”…check out the whole paragraph they dedicate to explaing the investigation:
Item 8.01. Other Events
On September 18, 2009, the Company received a formal order of investigation issued by the SEC regarding possible securities laws violations by the Company and/or other persons. At this time, it is not possible to predict the outcome of the investigation nor is it possible to assess its impact on the Company. The Company and its officers and directors have received subpoenas requesting the delivery of certain documents. The Company has been cooperating fully, and intends to continue to cooperate fully, with the SEC with respect to its investigation.
Congrats SEC, you’re now investigating a company I’ve been publicly exposing for months with these articles:
Why Spongetech is a pump & dump
Spongetech and their stock promoters
My response to the NY Post’s 1st article on Spongetech
…but I guess it took these NY Post articles to get you interested.
Are Spongetech’s customer real or fake?
The NY Post featuring me on Spongetech
The morons over at Spongetech forget that between September 18th when they got receipt of the investigation and September 25th when they announced the investigation (like the GVBP pump & dump, they tried to sneak their negative news in on a Friday night hoping nobody would notice…the SEC later halted GVBP, hmmmmm…after TIMalert subscribers and I already made $40,000+ on it :) Spongetech had several press releases WITHOUT MENTIONING THE INVESTIGATION!
That in itself is wrong….and I’m no lawyer, but I’d guess that every one who bought shares due to happy fake press releases (like the one about them canceling their reverse split, or this impressive shareholder letter that lists tons and tons of achievements (are any real?), but no SEC investigation!?!?!, or the press release about them withdrawing from investing in a pump & dump even worse than them, GetFugu, Inc. (GFGU)…or my personal favorite, Friday morning, just hours before publicly revealing an investigation in which they claim to “set the record straight“, defending themselves even as they don’t tell us straight up that the SEC investigating them?!?!?!) all last week are probly entitled to some retribution.
Why do I keep featuring this company even though I’m not trading it anymore? (TIMalert subscribers and I took a 35% gain in one day a long time ago) Because like a medical student studying a dead body, this carcass of a company is the PERFECT educational tool to help you suckers and degenerates learn just how shady pump & dumps can be.
You can learn how to profit from them with my instructional DVD packages (which you can get rebated $100 per DVD and get free shipping, now until the end of the month! Just purchase straight from my online store and we’ll rebate you $100 per DVD and rebate your shipping within a day of your purchase), but first you must recognize that my theories on Penny Stocks are not crazy conspiracy talk, I’m actually 100% dead on with my approach, even if I’m not the best trader/timer (Yup, my 510% fully detailed 2-year return is full of mistakes galore)
No matter what happens to SPNGE this week, it’s highly probable that the stock will trade lower to significantly lower on news of this SEC investigation and the weeklong cover up of them trying to hide it and millions of shareholders who bought because they thought they were investing in an up and coming company able to advertise at MLB parks nationwide and the US Open next to blue chip companies will need help in understanding why daddy just lost the kids’ college savings.
You can’t trust people in the penny stock world because they’re all thieves and liars. I am the light. I am cocky, arrogant and sometimes downright rude, but I am 100% real so in an industry full of frauds, cowards and freaks, I have a right to be cocky because I know my blog, educational products/study guides and TIMalerts real-time trade alerts newsletter are the best in category.
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| Oct 16 | VRMLQ | $16.79 | $18.65 | $2773 |
| Oct 13 | YONG | $11.05 | $11.66 | $1202 |
| Oct 13 | NPHC | $0.59 | $0.71 | $583 |
| Oct 12 | IMGG | $0.60 | $0.70 | $682 |
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Total: $98,094 (681%)
