Individuals suing for fraud
Check the laws in your state. Seems I recal Texas has a "theft by deception" provision that may apply. IF you read PR statements, were told by ARTS agents or were otherwise led to believe certain specific things were indeed fact (e.g. "Eddie owns a genuine Picasso worth $50-70 million and has the rights to make canvas prints based on it") --which you now believe were lies-- yet you made investments based on those pronouncements, you might have a case.
However, his 'safe harbor statement' could be deemed worthless "IF" it could be proven he new those claims were bogus or otherwise not made in good faith before making them. Logic should tell anyone -especially a self proclaimed art & copyright expert like Eddie- that having an artwork "authenticated" preceeds ANY appraisal, any purchase and certainly any pronouncements to the public intended to hype the stock. Instead, Eddie took the word of Barry Wicker and his statements and, together, they jointly filed documents with the SEC. IMO Ed-Tard-o thinks he can say anything and that his 'safe harbor statement' will protect him from all liability. Such is not the case.
That being said, one wonders if there's anything worth suing over. In light of recent court cases, it's doubtful that EV would even show up to defend himself of his companies. Nevertheless, one must always assume that owners and insiders line their own nests first. Afterall, they, above everyone else, know the true financial & business state of their company. It's quite common for funds and other assets to be misappropriated or stashed offshore. If they exist, there's a chance some could be clawed back.
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