Unfortunately, the only way that a lawsuit can be financially successful is for it to go after the Convertible Debt Holders. These companies are complicit in the reverse splits that are necessary for them to retire debt - and make a profit on ELRA investors.
My position is that the Convertible Debt Holders are well aware that serial reverse splits are not a rational or sustainable business plan. Because of this their business models in the financing of sub-penny stocks are in effect perpetrating a fraud on legitimate investors.
To compliment matters, Convertible Debt Holders have deep pockets for Legal Counsel that are likely to dissuade Class Action Suits filed on consignment.
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