You continue to relate "overpriced" to a need for a split.
Let's say that you think a certain company that has 10 million shares outstanding at a share-price of $800 is overpriced. Do you think that this company would be priced differently after a 40:1 split leaves it with a share-price of $20 (even though the resulting number of shares outstanding -- 400 million -- would have the market continuing to capitalize the value of the company at $8 billion?