A Form 4 filing is required IF he actually bought 1.5 million shares. The only possibilities are: 1. He didn't and the press release is fraudulent. 2. He did and his failure to file the Form 4 is evidence of his crookedness and/or incompetence.
The stock price has fallen 96% since January of last year in spite of plenty of news. Put the wishful thinking on hold, step back a bit and have a good look at this thing. It's total crap.