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Check out the article in this morning’s The NY Post entitled "Not Spongeworthy" about recently-mainstream penny stock SpongeTech (I say mainstream since this company whose stock is currently trading at 10 cents/share has taken out pricey advertisements at Major League Baseball stadiums and most recently a feature spot at the US Open…check out the video of Serena Williams yelling at the Spongetech ad LOL) and their accounting issues which has led to complaints to the SEC and SEC filing delays and more specifically check out my little section:
Meanwhile, the company’s complex stock trail has raised suspicions of stock manipulation. Timothy Sykes, a penny-stock trader and author of a book about running a hedge fund in college, has publicly accused the company of being "a blatant pump and dump" scam.
Sykes cites the fact that as of March, the company had 1.55 billion shares outstanding — a 1,500 percent increase over last year. Several months prior, the company issued more than 300 million shares to a company tied to its executives, RM Enterprises, at a 40 percent discount.
More recently, SpongeTech has been publicizing a series of stock buybacks and reverse stock splits.. Shareholders say that with all the activity, they have no idea how many shares SpongeTech now has outstanding.
Metter declined to provide a number, or comment on speculation about the trading
As you can imagine this latest NY Post article is infinitely better than my last article "Party’s Over For Hedge Fund King" (perhaps its due to my 495% two-year return which has given me monopoly as as the #1 trader out of 30,000+ on Covestor), but I have to clear a few things up. This time the NY Post didn’t even contact me, nor did I contact them…they simply pulled my quote from a recent blog post of mine detailing how there were several stock promoters hired, with cash and stock, to pump up SPNG’s price (promoter pump the stock price up and then dump the shares for a lot of $, hence the term ‘pump & dump’).
I’m getting tons of nasty emails from SPNG shareholders, but I want to make it clear, I am not shorting SPNG, nor have I done so since TIMalert subscribers and I made 35% in one day back in June when we timed our shorts nicely to coincide with the stock promoters dumping their shares too (Yes, my PennyStocking instructional DVD students know this timing can be predictable). Frankly, at 10 cents/share, there’s just not much downside to merit a short, nor is there enough upside to merit a long here. I’ve moved onto bigger and better pump & dumps as I’m currently short 15,000 shares of Genova Biotherapeutics (GVBP) at 50 cents/share, its current price, which values the company at $165 million, since this company with $35,000 in cash in the bank, which was a travel company as of last month (seriously, read the SEC filings and LOL), whose two business partners have the same executives and share an address (and GVBP’s NY address which I plan on visiting later today is the same as a former pump & dump and penny stock spammer (seriously, it’s too easy, read the article), headed by an ex-video game executive (no joke, check out his video), reorganized, spent $75,000 on 3 cancer patents & now has released 4-5 press releases each of the past few days (yup, 12 PRs in 3 days), paying stock promoters hundreds of thousands of dollars to send out millions of emails hyping how these 3 miserable patents "could cure breast cancer" while luring in suckers using big numbers like "the market for prostate cancer therapies amounts to US$1.5 billion" and "is expected to be a USD5bn+ industry within the next 5 years". I aim to hold my short position on GVBP as the SEC halts this stock and/or the market realizes this "company’s" true value, which in my estimation is under 10 cents/share.
Long story short, I have made millions buying and short selling pump & dumps and now I teach others how to profit too. To begin your education, you can watch 3 free video lessons or watch 45+ hours of my instructional DVD packages or signup to my real-time trade alerts newsletter or auto-trade my trades through Covestor’s new program. Either way, penny stock misinformation is on its way out, it’s time I reduce the # of suckers out there and not get rid of these pump & dumps, oh no, these companies might be sketchy, but I must thank them for the easy profit opportunities which they present!
Tags: Manipulation, Press
