There are many elements necessary to prove fraud, but a pattern of misleading press releases and lack of key and timely disclosure could cause at best some retractions required by SEC,at worse the registration revoked.
The orders announced probably were indications of interest packaged as "orders" , and more detail wasnt released to show how useless the orders really were. Add in legal boilerplate about risk factors in the SEC filings then CFO feels he is protected.
Who knows, maybe CFO felt his projections could be met ( which to me implies incompetence), or he felt just a situation of "buyer beware" that stockholders should have realized this was just a sheer speculation, or due to inexperience in this sector and SEC reporting companies CFO felt their press releases were reasonable.
I would bet CFO knows now the mill will not be in operation in September, though has this been communicated to stockholders ?
