HH: A class action lawsuit often trigeers an SEC investigation. The SEC can order disgorgement of any ill-gotten gains not only from insiders, but possibly any financiers who may have manipulated the stock price.
A class action lawsuit begins with an extensive discovery process wherein the lawyers are able to subpoena all sorts of documentation from the company. They could obtain the documents involved in the NASDAQ application, all of the agreements supposedly signed and announced via PRs, BOD minutes, calendars of executives showing meetings or lack thereof, etc.
If for some reason, the attorneys don't believe there is a case worth pursuing, they can stop with the discovery phase, However, what they find during discovery may make SEC action more likely.
As for shareholders losing their investment... it's pretty clear IMO that the vast, vast vast majority of longs have already lost everything as the stock is extremely illiquid and any large scale selling (without concurrent support) tanks the share price. If there were obviously bad news only those first at the exit doors could cash anything out.
If there is never a suit or SEC investigation, the full truth will likely never come out IMO.
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