There might be a precedent that could be worth following:
If any of you guys recall Xethanol (another fly-by-night claiming to be making cellulosic ethanol from paper and pulp biomass), these guys were first busted by Mark Cuban's website Sharesleuth.com. The ethics of Cuban financing the website through short positions on the companies he investigates notwithstanding, the investigative journalist is pretty sharp and dug up a lot of dirt on the company. They are usually looking for new cases.
This ultimately lead to a class-action lawsuit and a settlement where investors were able to re-coup at least part of their losses. This, of course, only was possible because XNL had some real cash. Not sure if you find any lawyers here, since there don't seem to be any spoils to divide. Same may go for Sharesleuth, because who would ever want to short a sub-penny?
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