Acting is definitely what we should do- but in the right order- to protect our investment. This working out is the best possible alternative. But, at this point, doing nothing- is not worth very much. Some kind of speed is necessary.
I have suggested that we investigate litigation if we can right away. So we know what we are doing.
But there are various things we should do first- to build our case, if necessary- but also to demonstrate our seriousness as shareholders willing to protect their interest- going forward.
The first thing we should do is send a registered letter to management requesting the reason for the delay in the audit. If they don't reply at a reasonable, designated time- that will certainly count against them.
I have tried, literally, for several years- to get the shareholders to think and act collectively. Before we even send a letter, we should try and get in touch with es many as we can- who will co-operate with us in our efforts to get justice. We also need to know how many shares are out there- shares belonging to the shareholders. If we have over 5%, then, as I understand the laws applicable to Florida corporations (by that state), we can mandate a call for a meeting. If less than that, we can call for a meeting but it will not be enforced by the state.
Florida does legally require an annual meeting and minutes, as I understand, but will not enforce it. However, a refusal by management to hold an annual meeting, even if we cannot mandate it, can count against them in a civilian court- as ab action showing neglect of shareholders.
All this about Florida needs to be verified. This is what I understand and only that.
So then, one way or another, after we find out our voting power, we should send a letter requesting a meeting.
Now, if there is fraud involved in these promotions- as various other elements- such as lack of transparency, intentional false deadlines, unwarranted lack of communication to the shareholders, we can make SEC complaints. There is a point of illegality in this area which can be subject to criminal prosecution. As I and many others are out thousands and thousands of dollars, I think this area- particularly fraud, is also something worth studying and acting on, if we investigate and decide this is the case.
The real first step then is to prepare for a letter by contacting the shareholders. I think this should be taken of by someone who knows quite a few of them and has more of a grasp of SEC procedures and civilian law regarding shareholders rights.
AI
