I’m hearing a lot of bluster (allegations). If one chooses to litigate against any party, one should first assess the cost:benefit of the contemplated action. It’s widely believed that Ed doesn’t have much. The company officers and BOD members are financially protected by the corporate veil and then an E&O policy (and one would presume, could check, to see if the policy has a tail that covers Ed, et. al.). Whatever the coverage of the policy, spread that over how many 10s of millions invested.
The fact is that almost every investor bought into a high risk penny stock and had to balance the known managerial incompetence with the potential of the technology. At this point, to blame Ed or FL group or whomever, is simply an attempt to not blame the guy in the mirror.