I will start a facebook group to sue PGPM. Please look for us. Lets get our money back
An exercise in futility.
There is a reason why penny stock frauds are not sued by their shareholders. And it isn't because they don't have a strong case and can win. It is instead because there is nothing to recover. These companies have no assets to recover, including PGPM.
There is no doubt that PGPM was a fraud. The financial statements were clearly bogus, and the statements made about valuation and production were fraudulent. But that is meaningless if the Company has no funds or assets to sue over. They don't - the assets valuations were bogus.
And you can't win against the officers or directors, either. PGPM has an indemnification Article in the Bylaws. The company would be on the hook for anything you could win against them, which means you as a shareholder would effectively be suing yourself.
And no lawyer would take such a case on a contingency basis, since there are no assets to pay them even if they win.
Your real only hope is that the SEC files fraud charges against the company and its officers. That might result in fines or settlements which the SEC may decide to return to shareholders. But the odds of that are extremely slim.
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