If the ASC had compiled overwhelming guilt on any parties, I would think they would have gone to the ASC Decision phase.
I am in 100% agreement that Skymark was reckless with their promotions, meaning they didn't properly explain the risks of their picks. But in my understanding, their revenues were from subscribers, so why would they want subscribers to lose money on their picks?
Skymark definitely pumped, but the dump of TSHO shares was mostly from Skymark subscribers dumping TSHO for PBEC throughout last spring and summer.
Then, when ASC thing came out, both stocks got dumped.
Here's a CTO that went from 11/09 - 2/11. Just revoked, so it seems these things take a while.