I agree. Toyota knowlingly hid problems with cars that put lives at stake, banks overstated the value of billions of dollars of mortgages several fold, WorldCom understated its expenses by hundreds of millions - now they are class actions cases. Here, it's the valuation of discount coupons that most people knew were worthless and shareholders both fired the auditors and bid down the shares as a result. Poor judgement by a young company for sure but more cheap shares for those of us able to take advantage. The market, inefficient as it is, is always way ahead of the SEC in figuring stuff out. Where were they when this was actually happening?
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