SPNG - Class Action lawsuits stacking up.
My only disappointment in seeing SPNG brought down is most of what money is left will go to the attorneys. Shareholders screwed once again. tsk tsk.
Federman & Sherwood Announces That a Securities Class Action Lawsuit Has Been Filed Against SpongeTech Delivery Systems, Inc. (OTCBB: SPNGE)
Press Release
Source: Federman & Sherwood
On 4:41 pm EDT, Friday October 16, 2009
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Companies: SpongeTech Delivery Systems, Inc.
OKLAHOMA CITY, OK--(Marketwire - 10/16/09) - On October 9, 2009, a class action lawsuit was filed in the United States District Court for the Southern District of New York against SpongeTech Delivery Systems, Inc. (OTC.BB:SPNGE - News). The complaint alleges violations of federal securities laws, Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5, including allegations of issuing a series of material misrepresentations to the market which had the effect of artificially inflating the market price. The class period is from April 15, 2008 through October 5, 2009.
Plaintiff seeks to recover damages on behalf of the Class. If you are a member of the Class as described above, you may move the Court no later than Tuesday, December 8, 2009, to serve as a lead plaintiff for the Class. However, in order to do so, you must meet certain legal requirements pursuant to the Private Securities Litigation Reform Act of 1995.
If you wish to discuss this action, participate in this or any other lawsuit, or have any questions or concerns regarding this notice, or preservation of your rights, please contact:
Contact:
K. Lynn Nunn
FEDERMAN & SHERWOOD
10205 North Pennsylvania Avenue
Oklahoma City, OK 73120
Email to: kln@federmanlaw.com
www.federmanlaw.com
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The Rosen Law Firm Files Securities Class Action Charging SpongeTech Delivery Systems, Inc. With Securities Fraud -- SPNGE.OB, SPNG.OB
Press Release
Source: The Rosen Law Firm PA
On 8:00 pm EDT, Friday October 9, 2009
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Companies: SpongeTech Delivery Systems, Inc.
NEW YORK, NY--(Marketwire - 10/09/09) - The Rosen Law Firm today announced it has filed a class action lawsuit on behalf of all purchasers of SpongeTech Delivery Systems, Inc. ("SpongeTech" or the "Company") (OTC.BB:SPNGE - News) (OTC.BB:SPNG - News) stock between April 15, 2008 and October 5, 2009, inclusive (the "Class Period").
Related Quotes
Symbol Price Change
SPNGE.OB 0.06 0.00
To join the SpongeTech class action, go to the website at rosenlegal.com or call Laurence Rosen, Esq. or Phillip Kim, Esq. toll-free at 866-767-3653 or email lrosen@rosenlegal.com or pkim@rosenlegal.com for information on the class action.
The case is pending in the United States District Court for the Southern District of New York as case no. 09-CV-8616 (JGK). You can obtain a copy of the complaint from the clerk of court or you may contact counsel for plaintiffs Laurence Rosen, Esq. or Phillip Kim, Esq. toll-free at 866-767-3653 or email lrosen@rosenlegal.com or pkim@rosenlegal.com.
NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY ALSO REMAIN AN ABSENT CLASS MEMBER. YOU MAY RETAIN COUNSEL OF YOUR CHOICE.
The complaint charges that SpongeTech, its CEO Michael Metter, CFO Steven Moskowitz and director Frank Lazauskas violated federal securities laws by issuing false and misleading financial information to investors and engaging in a stock manipulation scheme.
The complaint alleges that SpongeTech misrepresented its sales revenues, failed to disclose alleged short selling of the Company's stock by certain, and improperly forged opinion letters of counsel in order to permit the sale of the Company's stock. The complaint further alleges that as the truth of the scheme was disclosed publicly the price of SpongeTech stock fell dramatically -- damaging investors.
As a result of this alleged misconduct, the Company is the subject of a formal SEC investigation and the SEC has temporarily suspended trading in the Company's stock.
A class action lawsuit has already been filed on behalf of SpongeTech shareholders. If you wish to serve as lead plaintiff, you must move the Court no later than December 8, 2009. If you wish to join the litigation or to discuss your rights or interests regarding this class action, please contact plaintiff's counsel, Laurence Rosen, Esq. or Phillip Kim, Esq. of The Rosen Law Firm toll free at 866-767-3653 or via e-mail at lrosen@rosenlegal.com or pkim@rosenlegal.com.
The Rosen Law Firm focuses on prosecuting securities class action litigation and actions involving financial fraud. The Rosen Law Firm represents investors throughout the globe concentrating its practice in securities class actions.
Contact:
Contact:
Laurence Rosen, Esq.
Phillip Kim, Esq.
The Rosen Law Firm P.A.
Tel: (212) 686-1060
Weekends Tel: (917) 797-4425
Toll Free: 1-866--767-3653
Fax: (212) 202-3827
350 5th Avenue, Suite 5508
New York, New York 10118
Email Contact
Email Contact
www.rosenlegal.com
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Gee - kind of strange not seeing Milberg Weiss first out of the blocks on these scammy companies. Guess there were more where they came from!
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