I see this lawsuit as being very hard to win. You will have to prove that they knew about the 510(k) not being filed in March, and intentially created a PR to mislead investors so that they could dilute a stock. If they really were smart enough to mastermind this scheme, you'd have to believe they were smart enough not to leave an obvious trail to follow back to such plans. More power to you if you can dig up some deception on their part.
We all knew there was a high risk of dilution once they commenced (and won) the voting for the A/S increase. If you have a stock with 1.4 B O/S, and the A/S is (up to) 20 B, that should be an obvious red flag.
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