NanoViricides Inc. (NNVC)

[arvitar]

I'm not a lawyer. But there are some unique aspects to NNVC's management style that, I gather, could make it easier for a plaintiff to pierce their corporate veil, and go after Seymour's and Diwan's personal assets. The lack of a truly independent board who exercises any governance, combined with the fact that Seymour and Diwan have sole signing authority over the accounts and authorizations of transfers of tens of millions to Theracour, from which Diwan has skimmed a tidy 30% above his full time NNVC salary.

“the courts will disregard the separate legal personality of a corporate entity where it is completely dominated and controlled and being used as a shield for fraudulent or improper conduct.”
http://www.blaney.com/articles/piercing-the-corporate-veil-when-directors-officers-and-shareholders-of-a-corporation-will-be-personally-liable

Maybe a good litigator could find a way.

Anyway, the only time I have seen investors recover a meaningful fraction of their investment in a failing microcap, is when they've gotten their own lawyer and launched their own suit well before the class actions pop up. That only happens when someone who has invested at least a few hundred $K wakes up and smells the coffee soon enough, and is pissed enough, to take action.

Who knows. Maybe Crazy Dave or Boniuk could be the one.

All the little toadies who are on Seymour's private "insider info dissemination" list could get deposed for discovery.

Though this doesn't happen often, and it's doubtful to here, it's always a barrel of fun when it does.