Stockholders v SpongeTech Delivery Systems, Inc.
Stockholders File Lawsuit Against SpongeTech Delivery Systems, Inc.
According to a press release dated October 09, 2009, 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.
If you bought SpongeTech Delivery Systems, Inc. securities and would like to obtain information about the SpongeTech Delivery Systems, Inc. lawsuit, then you are invited to call Kahn Swick & Foti, LLC toll free at (866) 467-1400 extension 100 to speak with an attorney or visit www.ksfcounsel.com.
