Think back to the SEC failures during Madoff. WGAS tiny by comparison, but the regulators still need facts from shareholders or outsiders (maybe even insiders), and share price collapse isn't proof of wrongdoing by the company.
Unfortunately a lot of good investors and traders lost a lot of money here over a long period of time.
I'll still say that if this is a real company (more then simply a share selling scheme) it needs to have a large R/S to restart itself coupled with a large reduction in A/S. New management may help, but right now you have the devil you know rather than the devil you don't.
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