The shares sold by Sterling, as has long been disclosed, were sold by his estranged wife, not him. Sterling has been a net buyer of PHOT for the past year.
The aspect of the SEC suspension the was due to misleading financial information was because PHOT valued stock distributions at two cents a share at a time when the stock had a market price of fifty cents (or more) per share. That does not constitute fraud, but is a good reason to terminate the CFO, which they did. I've already put money on Sterling not facing any legal action, and am more than willing to double down on that.
With a market value in excess of $50 million, there are few (if any) companies in the sector that could buy out PHOT even at their current value, let alone at a premium, which is more normal. Whether they survive is an open question. I bought my stock over a year ago for next to nothing. I consider it to be an investment in the same way playing blackjack is an investment. Sometimes you win, sometimes you lose. If you are good, you win a bit more than you lose. But having fun and, at worst, losing a minimal amount (if anything) is really the goal.
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