Page 3 of 18 FirstFirst 1234513 ... LastLast
Results 21 to 30 of 180

Thread: Market Watch Week of 10/19/2009

  1. #21
    candleman is offline
    Mentor
    candleman's Avatar
    Joined: Jul 2009 Location: Outer Banks of North Carolina Posts: 1,511
    SPNG almost 200 million shares traded so far. Still holding in the 3 penny range. I think this is a good sign. Somebody besides me thinks this might be a good investment......

  2. #22
    billhart22 is offline
    Guru
    billhart22's Avatar
    Joined: Dec 2008 Posts: 4,896
    SpongeTech® Delivery Systems, Inc. Announces Class Action Lawsuits, Resignation of Deloitte & Touche LLP & Files Lawsuit Aga...
    Date : 10/16/2009 @ 5:53PM
    Source : Business Wire
    Stock : SpongeTech Delivery Systems, Inc. (SPNG)
    Quote : 0.0285 (%) @ 1:50PM




    SpongeTech® Delivery Systems, Inc. Announces Class Action Lawsuits, Resignation of Deloitte & Touche LLP & Files Lawsuit Aga...

    SpongeTech® Delivery Systems, Inc. (the “Company” or "SpongeTech") “The Smarter Sponge™” (SPNG) today announced that a lawsuit was filed on October 9, 2009 by The Rosen Law Firm, P.A., in the United States District Court for the Southern District of New York against SpongeTech, and its officers and directors, Michael L. Metter, Steven Moskowitz, Frank Lazauskas as well as RM Enterprises International, Inc. (an entity in which SpongeTech’s directors and officers hold direct and/or indirect ownership interests, and of which Mr. Moskowitz and Mr. Lazauskas serve as officers and/or directors), as a purported class action suit on behalf of all purchasers of SpongeTech stock between April 15, 2008 and October 5, 2009, alleging violations of the federal securities laws.

    In addition, a second law firm announced that it has commenced a lawsuit in the United States District Court for the Southern District of New York on behalf of all purchasers of SpongeTech stock between April 15, 2008 and October 5, 2009, inclusive. As of the date of this release, SpongeTech has not been served in this action and has not seen a copy of the complaint.

    When and if SpongeTech is served in these actions it intends to carefully review the complaints in consultation with its counsel, and prepare an appropriate defense. SpongeTech and its directors and officers believe that the allegations set forth in the complaint filed by The Rosen Law Firm are meritless and intend to defend the action vigorously.

    In addition, the Company today announced that Deloitte & Touche LLP ("Deloitte") has notified the Company that it would not act as SpongeTech’s independent registered public accounting firm for the Company’s fiscal year ending May 31, 2010. Deloitte was scheduled to commence its review of the Company’s financial statements for the quarter ended August 31, 2009, immediately following the filing of the Company’s Annual Report on Form 10-K for the fiscal year ended May 31, 2009.

    Furthermore, the Company has filed a lawsuit in the New York State Supreme Court, Suffolk County against Cresta Capital Strategies, LLC. (“Cresta”). The complaint alleges a breach of contract, conversion, unjust enrichment, breach of fiduciary duty and unlawful appropriation of funds. The Company is seeking compensatory damages in the amount of $2.75 million as well as punitive and exemplary damages.

    In March 2009, Cresta was hired by the Company to serve as the exclusive investment banker to the Company in which Cresta was to provide advice and services concerning potential merger, acquisition and/or any business transactions. Upon modification of the agreement with Cresta, in June 2009, the Company agreed to and did provide Cresta with a $1 million cash advance which was to be used against future fees as a result of any transactions under the agreement. Cresta did provide investment banking services to the Company on the acquisition of Dicon Technologies, LLC (“Dicon”) as well as introducing the Company to Getfugu, Inc. (“Getfugu”). Cresta was paid in full all fees due with regards to its participation in the Dicon transaction.

    In August 2009, the Company was introduced to Getfugu by Cresta, who was serving as investment banker for both the Company and Getfugu. At the advice of Cresta, the Company entered into a definitive agreement with Getfugu to invest $4 million into Getfugu’s mobile-based web search and e-commerce technology, and that the Company would be the first company to utilize Getfugu’s innovative mobile search platform. An aggregate of $1.75 million had been advanced to Getfugu, soon after Getfugu rescinded the transaction and to this date has not returned the monies to the Company.

    In September 2009, Cresta terminated its agreement to serve as the investment banker for the Company, waiving and forfeiting any right to the $1 million cash advance for future fees. The Company has made demand for the $1 million, but Cresta has failed to return any part of the cash advance to the Company.

    The Company alleges that Cresta breached its fiduciary duty to the Company by assisting Getfugu in obtaining money from the Company and failing to conduct any reasonable due diligence on Getfugu or its officers and personnel and failing to provide the Company with any reasonable due diligence upon which to make its investment decision. The Company is seeking compensatory, punitive and exemplary damages.

    About SpongeTech® Delivery Systems, Inc.

    SpongeTech® Delivery Systems is a company which designs, produces, and markets unique lines of reusable cleaning products for Car Care, Child Care, Home Care and Pet Care usages. These sponge-like products utilize SpongeTech®'s proprietary, patent (and patent-pending) technologies and other technologies involving hydrophilic (liquid absorbing) foam, polyurethane matrices or other ingredients. The Company's sponge-like products are pre-loaded with specially formulated ingredients such as soap, conditioner and/or wax that are released when the sponge is soaked and applied to a surface with minimal pressure. SpongeTech® is currently exploring additional applications for its technology in the health, beauty, and medical markets. SpongeTech® Delivery Systems, Inc. intends to globally brand its products as The Smarter Sponge™ .

    Safe Harbor Statement

    Under The Private Securities Litigation Reform Act of 1995: The statements in this press release that relate to the Company's expectations with regard to the future impact on the Company's results from new products in development are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The results anticipated by any or all of these forward-looking statements may not occur. Additional risks and uncertainties are set forth in the Company's Annual Report on Form 10-KSB for the fiscal year ended May 31, 2008 and the Company's Quarterly Report on Form 10-Q for the third fiscal quarter ended February 28, 2009. The Company undertakes no obligation to publicly release the result of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date hereof, or to reflect the occurrence of unanticipated events or changes in the Company's plans or expectations.

  3. #23
    Ramsey is offline
    Senior Member
    Ramsey's Avatar
    Joined: Mar 2009 Posts: 295
    TDA: Pattern Matcher

    disclaimer: I'm not exactly *looking* to get into anything else


    Anyway...

    I've been playing around with some of TDA's tools. One that has struck my fancy (today) is their "Pattern Matcher" tool.

    Here is a list of companies that matched SIRI & are under or around a buck & have the potential to have nice pennant formations - IMHO.


    HH

    NENG

    ZHNE

    LDIS

    BHH

    IMOS

    PNS

    TSEM

    WYY

    AERT

  4. #24
    billhart22 is offline
    Guru
    billhart22's Avatar
    Joined: Dec 2008 Posts: 4,896
    I am still watching OCNF.......just sitting here watching the water flow....


    Damn, you guys are quiet!

  5. #25
    Ramsey is offline
    Senior Member
    Ramsey's Avatar
    Joined: Mar 2009 Posts: 295
    you started it


    Quote Originally Posted by billhart22 View Post


    Damn, you guys are quiet!

  6. #26
    candleman is offline
    Mentor
    candleman's Avatar
    Joined: Jul 2009 Location: Outer Banks of North Carolina Posts: 1,511
    Quote Originally Posted by billhart22 View Post
    I am still watching OCNF.......just sitting here watching the water flow....


    Damn, you guys are quiet!
    Bill, do you have any idea of what's driving the price down? Any news that you know of?

    It looks like volume is about 50% higher than normal.

  7. #27
    billhart22 is offline
    Guru
    billhart22's Avatar
    Joined: Dec 2008 Posts: 4,896
    Quote Originally Posted by Ramsey View Post
    you started it
    I guess I will have to end it! Unless people start talking, I will sing! Be forewarned: I can make a dog howl!

  8. #28
    billhart22 is offline
    Guru
    billhart22's Avatar
    Joined: Dec 2008 Posts: 4,896
    Quote Originally Posted by candleman View Post
    Bill, do you have any idea of what's driving the price down? Any news that you know of?

    It looks like volume is about 50% higher than normal.
    I don't see anything right off hand. I have looked all around.

  9. #29
    candleman is offline
    Mentor
    candleman's Avatar
    Joined: Jul 2009 Location: Outer Banks of North Carolina Posts: 1,511
    Quote Originally Posted by billhart22 View Post
    I don't see anything right off hand. I have looked all around.
    Last week you mentioned MPPC, I've kept an eye on it and it's behaving the same way. Dropping pretty hard today on high volume. I can't find any news about it either.

  10. #30
    Los Tiburones is offline
    Mentor
    Los Tiburones's Avatar
    Joined: Feb 2009 Location: California Posts: 1,015
    Ok I'll pipe in if that's what it takes to keep Bill from flexing the pipes ...

    But good nite, this is a yawn festival! ... can't even get the spng to move.

    At least SIRI is up ...

    I was having a nice lunch time nap until the phone rang.

    Patience vs. drudgery ...

    Just random filler ... yawn

Page 3 of 18 FirstFirst 1234513 ... LastLast

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •