IF I HAD SUED THE COMPANY I WOULD WANT TO KNOW......
I remember a long time ago somebody posting on here that shareholders would be all but guaranteed $75,000 in damages to be paid to them if they would join in this fight and all who paid would receive a pro-rata amount of money that they would collect. I don't remember the exact language but something like that.
First - The is a solicitation for an unregistered security. It is a violation of the securities law. Regulation D if you want to look it up. If were someone who contributed or even if I wasn't and had the inkling a complaint to the SEC may be appropriate - for sure the shareholders who solicited other shareholders would have liability to any damages those contributing shareholders end up with, including the funds they contributed. I would think the only thing that would not create liability for those few shareholders to the other shareholders was IF they won all these lawsuits and from what I have seen that does not look good. IMO
Second - If I were a shareholder considering following the lead of another shareholder in a fight against the company, I would sure want to follow someone who knows what they are doing.
Third - IF the company damaged these shareholders as what is alleged Then he damaged 3,000 shareholders and not just 25 or however many there are claiming they were damaged. So IF a lawsuit is won, the victory is a shareholder vote (which I am sure the company will do when they are current on their filings and can comply with the Securities Regulation to do so anyway), regardless, IF this small group of shareholders wins the $75,000 in damages as previously represented THEN the money is paid by the company to the benefit of ALL shareholders, in other words it is paid to the company for the benefit of ALL 3,000 Shareholders to help to fix its problems........ That is an interesting theory isn't it?
Fourth - Suing a company for lost investment is NOT a legitimate claim, if it were there would be lawsuits filed every day against every public company every time some hedge funds stock went down in Value. A simple google search of Apple and Carl Icahn and you will see a longstanding disagreement from shareholders (Icahn) with the management of Apple. His stake is worth Billions in Apple and he disagrees with the managements decisions to run Apple everyday however he obviously knows he can not just sue them because he disagrees with them or he certainly would have already.
