Zion Oil & Gas Inc (ZNOG)

[DragonBear]

though there is no word on SEC concluding their investigation, every lawfirm dropped their cases

Are we trying to interpolate two items with little relationship to each other?

In response to the SEC notice they were launching a formal open investigation, ZN jumped up/down with a "but we did audits" type of response. Therefore we can safely assume the SEC is investigating past audits. The lawsuits were centered around management knowing, and not telling SHs in a timely manner a SEC investigation was coming. It always sounded weak to me. Unclear what other garnish they added to the lawsuits.

The net result is the SEC investigation is still open. It has been 2 yrs since it started. The SEC typically litigates at 2-3 yrs. Sometimes they leave it open to when the statute of limitations or 5 yrs runs out. But again, civil class action lawsuits have nothing to do with the SEC. Doesn't matter if they were dismissed or not. The SEC investigation will continue to its conclusion.