IL- They wouldn't necessarily 'ignore' it, but even if they liked what they saw they most assuredly reject it for their portfolio on the basis of its non-reporting pink sheet status. That fund in particular is already in hot water with the SEC, having paid a multi-million dollar penalty and disgorgement for improper sales practices. They've shuffled their management and I doubt very much that any fund manager there would put a non-reporting pink sheet stock in the portfolio.
I don't believe that marketmakers should be permitted to quote non-reporting stocks in any electronic medium. The law needs to be updated, for it gives far too much opportunity for a variety of fraudulent acts.
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