Bioelectronics Corp (BIEL)

[kidnova]

That's one of the big differences between owning shares of a pinksheet company versus an exchange traded company. On an exchange traded company, management reports to a board that is required to be made up of over 50% of independent directors. The board acts on behalf of the shareholders, and if management isn't performing in the shareholder's best interests then they have the power to make changes to the management structure.

In a company like BIEL, there are no independent directors. Management IS the board of directors, and their bylaws allow them to do whatever they want, with or without shareholder approval. It's a risk you have to take into account when conducting your DD on non exchange traded stocks.