SpongeTech Delivery Systems, Inc. (OTCBB: SPNG) have a pending lawsuit against them by The Rosen Law Firm, P.A. The lawsuit was filed on October 9, 2009 in the United States District Court for the Southern District of New York against SpongeTech and its officers and directors. Those included in the class action are Michael L. Metter, Steven Moskowitz, Frank Lazauskas and RM Enterprises International, Inc. The class action suit is on behalf of all purchasers of SpongeTech stock between April 15, 2008 and October 5, 2009.
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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
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