You're right that "pump and dump" doesn't always mean insiders dumping shares. Toxic lenders often are the dumpers with the company being the pumper to allow for more toxic notes. Groups and individuals also can try and pump and dump for their own benefit. Same for early investors who want to get out.
Pump and dump also doesn't imply success.
The stock is worthless now, absent a pump by someone. $160 million market cap was a joke - the company isn't even worth $300k now. And yes, they are likely to be delisted at some point.
Lastly, to answer another poster's conundrum, companies with real products and real sales are pumped and dumped all the time. In fact, those companies need more funding than the "1 man and a PO Box" pump and dumps, so they end up with more toxic notes. When they stop filing as WSTI has, suspect lots of dilution and many more toxic notes to keep the business alive, though unless there's more volume than this stock has seen in a while, even those doors are closed to WSTI.
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