VSTA had an exciting technology and raised over $50 mm from various sources. Growing organ surrogates from stem cells was a worthwhile venture with potential. Unfortunately for VSTA, pharma found other ways to assay drug candidates that didn't require them to use VSTA's products, and VSTA wasn't skillful enough to find other business opportunities for IP. Over time, talent departed and opportunities dried up.
The last few years, VSTA has slipped into a walking dead vegetative state -- with Singh, Platinum and Singh's old fund too invested to quit. Singh is not telling shareholders how the company is addressing its situation -- just repeated the same old mantra. The board should be roundly criticized since its abrogating responsibility to all the shareholders by allowing Platinum and Singh to maintain a status quo.
While this is working out poorly for VSTA shareholders, to my knowledge the company does disclose enough to shareholders so they have information. Bad management and poor decisions aren't against the law.
On the other hand, BGMO was a fraud run by a sociopathic liar who unblinkingly foisted hugely false stories of investment, profits, financing deals to anyone who listened while Vancouver cronies dumped shares. The company knowingly filed financial statements invented out of thin air containing blatantly false and misleading information.
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