Take a look at BCIT. It's sort of similar. CEO claimed that shares were issued by a counterfeiter who sold them through brokers and MM's. There was a huge runup for awhile as we thought that there would be a buy-in.
But the MM's and NASD got the SEC to halt the stock and in the interim, the CEO seems to have made deals with the scammers to issue stock that will cover the counterfeit stock. Cash to the CEO make look nicer to him than his duties to shareholders.
That's my summary and opinion but so far we haven't been able to sell shares and I'm not real optimistic that remaining shares will have much value.
Many of us made money trading it but I also kept some shares and those shares I've pretty much written off. The industry seems to find a way to look after itself, denying that there is naked shorting or scammy shorting, etc.
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