"I am assuming that many of the penny stocks companies just shoot from the hip and ignore their attorney. I do know of a couple that have done that."
And I know of more than a couple of penny stock companies that use a (sometimes entirely mythical) attorney's advice as an excuse as to why they haven't said anything. In fact it's pretty much par for the course.
There would be nothing actionable or that would increase the risk of SEC suspension or revocation - which is already not negligible - in Brian issuing a brief explanation to the investment community explaining why FASC failed to file the legally required 10-K and what the plans are to remedy the situation, provided it was a truthful statement.
And those six last words may be the real reason for what has elsewhere been termed a "cone of silence"
"It is difficult to get a man to understand something, when his salary depends upon his not understanding it."
Upton Sinclair
"Nobody ever went broke underestimating the intelligence of the American public."
H. L. Mencken
