Joe,
Again, "lawyering up" does not automatically denote guilt.
It's a simple act of responding coherently to allegations.
In order to respond timley and properly,it necessitates that legal advisors control the flow of incoming,and outgoing information.
Reasons?:
1. To avoid communication misteps leading to additional undue adversarial proceedings.
2. To allow legal advisors on both sides,using the effecient legalese language, to come to a fundamental understanding as to actual issues.
3. To maintain the appropriate confidentiality safeguards per secret/propriatary company information,while responding to allegations.
I can go on and on.
The point is,there are multiple reasons why lawyering up is the first,and most advisable thing to do..ESPECIALLY if you are innocent.
A simple haphazard mistep in communications, can turn into burdensome misunderstandings ad nauseum.
NOTE: guilty people "lawyer up" to...for some of the same reasons.
Lawyering up is a NEUTRAL act..the individuals however, may or may not be guilty.
MBB may very well be guilty..of MINOR violations..so how can he immediately respond to shareholders and say he is innocent..without first understanding the ACTUAL allegations at hand?
Lawyers will take it from here..and rightly so.
Just my 0.02.
Everything I say,is only my opinion. DO not rely on anything I post,as buy or sell advice. DO your own homework.