SpongeTech Stock Halted By SEC, Sue Themselves (Strangest PR Ever!), I’ve Now Predicted 3 Trading Halts In 3 Weeks!
Posted by Timothy Sykes on Mon 5th of Oct, 2009 10:19:27 AM
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Wow, it looks like the end of the road for Spongetech Delivery Systems, Inc. (SPNGE) and you can’t really say I didn’t warn you! Today the stock hasn’t traded after the SEC announced:
The Securities and Exchange Commission (“Commission”) announced the temporary suspension, pursuant to Section 12(k) of the Securities Exchange Act of 1934 (the “Exchange Act”), of trading in the securities of SpongeTech Delivery Systems, Inc. (“SpongeTech”), of New York, NY at 9:30 a.m. EDT on October 5, 2009, and terminating at 11:59 p.m. EDT on October 16, 2009.
The Commission temporarily suspended trading in the securities of SpongeTech because of questions that have been raised about the accuracy and adequacy of publicly disseminated information concerning, among other things, the amount of sales and customer orders received by SpongeTech, investment agreements entered into by SpongeTech, and SpongeTech’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.
This comes after my latest blog post just yesterday on the joke that Spongetech has become, 8 days after they announced they were under SEC investigation, just over 2 weeks since the NY Post first wrote about this shadddddy company and 4 whole months since I first wrote these 2 blog posts HERE and HERE exposing the company for shady practices.
You can now added SpongeTech to the list of pump & dumps, namely Emergent Health Corp (EMGE) (which TIMalert subscribers have enjoyed trading profits of $10,000+ on so far) and Genova Biotherapeutics, Inc. (GVBP) which TIMalert subscribers and I made in excess of $40,000 on so far…and many of us, including myself are still short so when the stock reopens this week, we’ll bank some more!), I’ve correctly exposed and have been halted by the SEC in the last 3 weeks.
And because SpongeTech didn’t want to go out with a bang at the same exact time as the SEC halt, they announced they were suing themselves in this odd press release! Apparently, SpongeTech is two companies, and the successful product people are suing the dumb-as-Vick CEO Michael Metter…I dunno, you try and figure this crap out:
NEW YORK–(BUSINESS WIRE)–SpongeTech® Delivery Systems, Inc. (the “Company”) “The Smarter Sponge™”, (OTCBB: SPNGE - News), today announced that the Company has filed a trademark infringement lawsuit against Spongetech, Inc. (”STI”) in the United States District Court for the Southern District of New York. The complaint alleges California-based company, STI knowingly and willfully appropriated the Company’s trademark “SpongeTech®” and solicited business specifically in New York under the Company’s trademark. In addition, the lawsuit alleges that STI’s CEO made statements to the New York Post that defamed the Company, as a result, injuring the Company’s reputation and exposing the Company to public hatred, contempt, ridicule, and/or degradation.
The Company is seeking permanent injunction barring STI from using the Company’s trademark, including such items as labels, signs, packaging, advertising and promotional material with the use of “SpongeTech®”. The Company is also seeking any profits derived from STI’s use of the Company’s trademark as well as award damages to the Company for injury to its reputation caused by STI’s defamatory statements.
CEO Michael Metter states, “While we have made numerous attempts to settle this amicably with STI in the past, recent actions by STI have resulted us to seek legal actions. We feel it is important to ensure that our customers and potential customers are not confused by STI abusing our legally protected trademark and to restore our reputation to the public.”
So to all bagholders of this horrifically managed yet surprisngly typical penny stock and everyone else out there, I say please join us TIMalert subscribers in being the overly-cynical yet nearly dead on bunch that we have become…profiting and laughing from penny stock pump & dumps as the NY Post, TheStreet.com, Reuters and the SEC ride on my coattails because they simply don’t have the experience I do in researching how these pump & dumps operate. It’s no great mystery, I encourage you all to learn from my comprehensive study guides, as you can EASILY research, expose and profit from Short Selling these carcasses of companies.
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