SPNG – Never Covered by StockGuru – Halted Today

Written by John Pentony on October 5, 2009

Dear Members:

I have to tell you I am not at all surprised by the halting on SPNG.

http://www.sec.gov/litigation/suspensions/2009/34-60788-o.pdf

While everyone is innocent until proven guilty and nobody should be assumed guilty until it is proven in court, there has been way too much speculation and promotion of SpongeTech. I have a lot of trader friends who threw out the rules and felt like this was the new TASR. The ultimate trader stock that was going to the Nasdaq. I just could not get over that the product was just sponges. More people have heard of an seen “Shaw-Wow” than SpongeTech, but SPNG became the big play.

There are several stocks I totally stay away from just like SPNG. I am not going to put symbols here.

SpongeTech has a real product. I hope the SEC has it wrong, and it is just some big misunderstanding. Still – the halt is good as it lets everyone in to see the real truth and decide whether to continue holding shares. The company has time to counter what the SEC is saying.

Remember – TASR was once halted and came back to life and traded again without losing.