What's more the lawsuit was for $200M of damages. He was the one who filed that! This is public information. And Glenn Laken knew what the final settlement was. He had foreknowledge. He had to sit on that information because of OTC rule so it's not like he finds out along with all investors. Yet he could tweet 'very favorable' in his message to investors.
To say 'very favorable' given the highly claimed $200M damages and the final settlement of $2.75M was a world apart that destroyed the share value.
He is at best in remiss, at worst criminally liable for investors' losses. Nowhere in this disclosure event has he been a 'CEO of high character'.
His shareholder letter announcing the April 1 financials, and his remark that everyone would be happy with the results was obviously stock price manipulation. There is no question he knew that a $2.75MM settlement revelation would drop the share price like a rock, after the market was expecting a number at least 4 to 10 times that amount. It would be interesting to find out how many insiders sold into that increase on the manipulation.
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