This business agreement continues SpongeTech’s initiative in the
Best Damn Penny Stocks, a leading financial publication, is pleased to alert investors of stocks on the move. Sign Up for our Free Stock Newsletter
Now that the SEC has become involved and old financial statements have been retracted, no one knows where the truth really is. Lawyers are lining up class-action suits. With high uncertainty the share price will probably remain low. Are you an Optimist or Pessimist? The SEC will finish its investigation soon, and the correct financial figures will be released and the uncertainty will end. Shares are priced based on the worst possible results right now. Should the investigation reveal anything positive, even a hint of legitimacy, share prices will climb. That means shares maybe worth buying or holding if you still own them. Of course, if the investigation uncovers gross fraud, your shares may be worth zero. As reported in the Company's recent press release dated October 2, 2009, the delay in filing its Annual Report on Form 10-K for year ended May 31, 2009 is due to the Company’s former auditor having its registration revoked by the CAROB (Public Company Accounting Oversight Board). As a result, the Company’s financial statements for the 2008 fiscal year is being re-audited and the financial statements for the 2009 fiscal year is being audited by the Company’s new auditing firm, Robison, Hill & Co. Steven Markowitz, the Company’s Chief Financial Officer, stated, “We were surprised to see that the staff of the SEC decided to suspend trading in our shares yesterday. We are cooperating fully with the SEC staff in connection with their investigation and are working diligently with our new auditors to finalize our Annual Report. It is our intention to provide the SEC staff with all requested materials so that they can conclude their investigation as soon as possible.”
Sign up for the free Best Damn Penny Stocks newsletter. To subscribe, enter your e-mail address into the frame at the bottom of this press release or visit our website.
About Best Damn Penny Stocks
Best Damn Penny Stocks is a leading stock web site that allows investors and interested parties to research stocks that are on the move. We also track small cap companies that are on the brink of a financial breakout. To feature a company on our web site please contact us at the email listed below.
Please click here to read the full disclaimer
