Stock Market Thread - ALL COMBINED

[vinnie]

they sold and it 5.18 now :mj07:


:00hour :00hour

I missed the run :sadwave: :s1:

 

[redsfann]

Anyone have any idea what is going on with SPNGE or what will happen? Thanks

It ain't good. Might as well get on board the class-action and hope we can get a few pennies per share back in 10 years or so...:sadwave:


http://finance.yahoo.com/news/The-Rosen-Law-Firm-Files-iw-4019333633.html?x=0&.v=1

Here is the link to sign up for the class-action suit.


http://www.rosenlegal.com/



I'm in; if they ever allow this mutt to trade again, it will drop to .0005 a share or lower faster than any of us can get in a sell order, and even if you can sell it---- .0005 X 10,000=50...ouch.

 

[MadJack]

I missed the run :sadwave: :s1:

next run to $9.00 in the next 2 months.

 

[kneifl]

Looks like Gold is going up again this morning.:00hour :00hour :00hour

kneifl

 

[dogface]

It ain't good. Might as well get on board the class-action and hope we can get a few pennies per share back in 10 years or so...:sadwave:


http://finance.yahoo.com/news/The-Rosen-Law-Firm-Files-iw-4019333633.html?x=0&.v=1

Here is the link to sign up for the class-action suit.


http://www.rosenlegal.com/



I'm in; if they ever allow this mutt to trade again, it will drop to .0005 a share or lower faster than any of us can get in a sell order, and even if you can sell it---- .0005 X 10,000=50...ouch.

No one is more bitter, but researching the lawsuits, there seems more to meet the eye. I am absolutely standing still, I have no other option... but from the largest share holder (from what I understand, I recevied this):

October 10, 2009


I have been asked by many people to provide my comments with regard to the recent announcement of the filing of a class action lawsuit against Spongetech Delivery Systems, Inc. and certain of its officers and directors. I have also been asked to join in the suit, possibly as its lead plaintiff.

I have declined this opportunity due to the following reasons:


In my personal judgment, I find the basis of the suit to be without merit. I find it to be poorly constructed and well flawed in terms of its allegations and from my information and personal belief to be void of any substantive fact or credible origin.

From what I know to date of this proposed action it contains old and clearly unproven allegation of wrongdoing and misconduct on the part of the company and its management team, all of which has been promoted in the public domain for quite sometime, with its origins emanating from highly questionable sources with clearly stated intentions with regard to the destruction of shareholder value.

I find the suit to be counterproductive to the construction and maintenance of shareholder value and in large part an undertaking that is engaged in the very same process that it accuses the company of promulgating, that being the manipulation of the stock for personal gain. Perhaps it is the proverbial pot calling the kettle black?

I believe that its origins and promotion derive from miscreant and likely illegal shorts who continue to be bent on the total destruction of the company and whereas there may also be some misguided long shareholders involved as tag alongs, my opinion is that this is a clear attempt to promote specific self interest and is not at all in the overall best interests of the long shareholders of this company.

I find the timing of its filing to be queer at best and once again to be specifically designed to target and thwart a possibly successful emergence from the ongoing SEC investigation. I find it highly questionable that this suit has been filed prior to the conclusion of the investigation and trading halt and prior to the company having the opportunity to file its annual 10-K report. Ostensibly, any credible litigation would be based upon the contents of the updated filings that would either lend further credence to or disintegrate the claims that are being promoted in this pending action. To file this suit now is to promote a targeted, destructive action that is not based upon what will assuredly be updated and far more reliable information, but is instead based upon the further, lingering intent to destroy underlying shareholder confidence in the company without performing the rudimentary function of undertaking thorough due diligence.

Waiting for the updated, audited and SEC reviewed 10-K and the results of the investigation and trading halt would provide far more credibility to any potential shareholder action in the event that it was to be based upon fact as opposed to rampant rumor, innuendo and to date, tabloid accusation.

There are really only two possible outcomes to this litigation. Either it will fail, as I believe it will and it will then be documented as a gargantuan waste of time, effort and expense for the participants, bearing no fruit or gain, or it will succeed, in which case the company will be destroyed and shareholder value will be further eroded, thereby causing substantial additional injury to ALL shareholders while likely yielding rewards that pale in comparison to the overall loss of shareholder wealth. Either way, it is a fool?s undertaking as far as I am concerned and it is a ?wolf in sheep?s clothing? as far as being promoted as a benefit to shareholders.

I believe that it is an entirely valid question to ask whether this is an action that is being undertaken as a potential benefit to all shareholders, or in the alternative whether it is a targeted action to further destroy shareholder value for the specific purpose of garnering additional personal gain for its proponents.

In my opinion it is the undertaking of a small, insipid and predatory group of people who will profit in the event that the company is destroyed and shareholder value is further eroded. Whereas I always reserve the right to alter my opinion and approach to the company and shareholder value based upon evolving events and the discovery of new and credible information, it is my intention at this point in time to remain a long shareholder, to await the publishing of the company?s 10-K and any additional information that may become publicly available, and to then make my further investment decisions based upon fact as opposed to rumor, innuendo and unsubstantiated accusation.

As always everyone is free to do as they wish and should assuredly act as they see fit, but this is my opinion and intended course of action at this point in time. I will not support this action as I see it to be totally counterproductive to the overall best interests of shareholder value.

Repeat this is not me, it is from a shareholder in the company. (Supposed, because I have no way of verifying!) But ont eh boards, he gets quite a following, and some credit for his honesty and his opinion. Heck, it is the only straw to grab onto!

dogface

 

[redsfann]

Heck, it is the only straw to grab onto!

dogface

If I had 1000000 or more shares, I'd be thinking the lawsuit was without merit, too. hard to know whose telling the truth and what the laws are regarding the companies behavior in selling its stock.
All anyone can do at this time is wait and see what happens.
Regardless, I've joined the class-action. lets hope it gets dismissed, the stock resumes trading and it gets back to .10 or more.

 

[dogface]

lets hope it gets dismissed, the stock resumes trading and it gets back to .10 or more.

Tomorrow is supposed to be a BIG day, let's have a moment of silence for the SPNG crowd!

Hoping for a 10k, was supposed to be a while ago as well... but fingers crossed!!

dogface

I am out tomorrow, will check back in PM!!

 

[MadJack]

good luck, sponge guys. hopefully you get saved somehow.

 

[MadJack]

10k today :shrug:

hit it and hold it.

:walk:

 

[vinnie]

:director: GET IN !:00hour

 

[dawgball]

Class action lawsuits are the biggest fucking joke our legal world has to offer (and there is plenty of competition for this moniker).

They are constructed in a way that in the end there is only one group who financially benefits: lawyers.

Many of my friends in the legal profession despise them because it makes their profession look that much worse in the end.

 

[vinnie]

Class action lawsuits are the biggest fucking joke our legal world has to offer (and there is plenty of competition for this moniker).

They are constructed in a way that in the end there is only one group who financially benefits: lawyers.

.....................................:iagree:

 

[vinnie]

9,956.08 :director: Do I hear 10,000 :spotting:

 

[MadJack]

:walk:

:walk:​

 

[vinnie]

Stocks rallied higher, once again indicating that the path of least resistance is up. While we remain generally cautious, this is not a tape to try and fight, as the market hasn't rallied from such depths only to fall short of Dow 10,000. All eyes will be on the Fed tomorrow.:0corn

 

[MadJack]

Stocks rallied higher, once again indicating that the path of least resistance is up. While we remain generally cautious, this is not a tape to try and fight, as the market hasn't rallied from such depths only to fall short of Dow 10,000. All eyes will be on the Fed tomorrow.:0corn

7000 is in kneifl's sight :shrug:

 

[vinnie]

7000 is in kneifl's sight :shrug:

he never sent the e-mail to wall st :mj07:

 

[vinnie]

:director: Smurf ! Get in before they report

 

[vinnie]

David Tice, chief portfolio strategist of Prudent Bear Funds, has one message for you: Don't believe the bullish hype. "This is a sucker's rally. kurby
The economy is really not getting that much better," he says.:sadwave:

 

[vinnie]

:director:ALL ABOARD THAT'S COMING ABOARD :00hour 10,015