Yes, because attorneys will do work in exchange for a phone call.
The lawsuit may have been avoided, but I doubt the attorneys (feels like this should be "attornies") were going to simply pack up and call things off if IMSC returned their phone calls. More likely, all of this could have been avoided had they received some form of compensation.
Most OTC companies do not hold annual meetings. Most states require those meetings. This is an easy lawsuit that is geared towards a settlement.