By not reporting they are acting as though they are running a private company- but even private companies exercise corporate governance and hold management accountable for results. Investors in private companies worth being part of do inform shareholders.
By going dark they are opting to operate outside the established market they are registered in - in effect, they are turning their backs on the market - perhaps believing they can go it alone without new outside investment from market participants. But whether or not they tap the capital markets again to raise capital they still owe a duty to the shareholders - and not just a select few - all of them.
Regardless of how they choose to operate, they are accountable to their shareholders and obligated to operate within the boundaries of the law.
News 
Market Data 
Discover 
