Case Page

 

Case Status:    ONGOING    
On or around 01/13/2015 (Ongoing date of last review)

Filing Date: October 09, 2009

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.

On May 12, 2010, an Order Granting The Motion Of The Sullivan Lead Plaintiff Group, For Consolidation, Appointment As Lead Plaintiffs And Approval Of Selection Of Lead Counsel was filed with the Court in this action.

On July 20, 2010, defendant Spongetech Delivery Systems, Inc. filed a Suggestion of Bankruptcy with the Court.

In September 2010, the case was transferred to the Eastern District of New York. The defendants filed motions to dismiss the same month.

On March 29, 2012, the Court issued an order granting in part and denying in part defendants' motions to dismiss. Plaintiffs were granted leave to file an amended complaint. On April 30, 2012, Plaintiffs filed an amended complaint.

COMPANY INFORMATION:

Sector: Consumer Non-Cyclical
Industry: Personal & Household Products
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: SPNG
Company Market: NASDAQ
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: E.D. New York
DOCKET #: 09-CV-08616
JUDGE: Hon. John G. Koeltl
DATE FILED: 10/09/2009
CLASS PERIOD START: 04/15/2008
CLASS PERIOD END: 10/05/2009
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. The Rosen Law Firm, P.A. (New York)
    350 Fifth Avenue, Suite 5508, The Rosen Law Firm, P.A. (New York), NY 10118
    212.686.1060 212.202.3827 · lrosen@rosenlegal.com
No Document Title Filing Date
COURT: E.D. New York
DOCKET #: 10-CV-04104
JUDGE: Hon. John G. Koeltl
DATE FILED: 04/30/2012
CLASS PERIOD START: 04/30/2007
CLASS PERIOD END: 10/05/2009
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Kantrowitz, Goldhamer & Graifman
    747 Chestnut Ridge Road, Kantrowitz, Goldhamer & Graifman, NY 10977
    845.356.2570. 845.356.4335 ·
No Document Title Filing Date
No Document Title Filing Date