Went back farther, to March 27, 1998: "the Company has suffered recurring losses from operations since inception that raise substantial doubt about the entity's ability to continue as a going concern."
You're quite correct. Pumpers try to pass off GC warnings as "standard boilerplate" or legal mumbo jumbo lawyers throw in to pad their fees.
There's nothing standard about those clauses. Actually they're quite dire. They mean exactly what they say: Substantial doubt about the client's ability to survive. If your doctor said that about your health you'd be terrified. Would you assume he tells all his patients that?
When an auditor says that about their paying client, take it damn seriously. No doubt institutional investors did, which is why few funds owned significant amounts of WAVX from what I can tell.
You're correct, shareholders probably wouldn't have gotten into trouble if they focused on the SEC filings... which is exactly what the SEC says to do (see www.sec.gov).
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Because the Good Life is Just a Pump or Two Away
