What do you want the SEC to do here? LEXG publishes all the awful things (death spiral financing, abandoning or selling projects at great losses, etc.) they do seemingly accurately in their 10-Qs and 10-Ks. Everything awful about this company has been published by themselves for years - what law did they break? If "investors" just read the PRs and not the SEC filings it is not the SEC's fault. It has been clear that this company has been run mainly for the death spiral convertible "investors" and, to lesser extent, to the benefit of Alex Walsh and not the benefit of the retail stock traders. That, in and of itself, is shady but legal however.
The SEC just this month made a major pump and dump related bust of 10 people and 10 firms including OPK, a prior shell company. The crimes were not disclosing the company's investors (which could be the case here - no holders are listed but the death spiral convertible investor holds more than 50% of the vote) and for those 10 companies there were proven lies about the business (amount invested in R&D, etc.) - LEXG never pretends to have more than one person working on things, spending no money and having no assets or R&D. Traders keep buying - I doubt it is because they think LEXG is a great company but likely, as with most penny stocks. that they believe they can find a greater fool to profit from.
