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Will they make SpongeBob do a perp walk?
05/05/2010 3:52 pm EST
The U.S. attorney’s office in Brooklyn today arrested two top executives at SpongeTech Delivery Systems (SPNG) for conspiracy to commit securities fraud.
The company makes soap-filled SpongeBob SquarePants bath sponges for children.
The defendants, Michael Metter, CEO, and Steven Moskowitz, CFO, are charged with executing a scheme to defraud investors by overstating SpongeTech’s sales figures. The Securities & Exchange Commission has also charged the two men with obstruction of justice.
The stock fell today, May 5, by 83% to trade at a penny a share. The 52-wek high is 29 cents a share.
The Man in the Yellow Hat for monkey abduction? Eugene H. Krabs for violations of minimum wage laws? The Last Airbender for bending without preparing an environmental impact statement?
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