Depends on what they are suing over. If they are suing over illegal or ultra vires actions of management, then I think the SEC will say "wow, someone is doing our job for us!"
Management's actions brought this about. Williams has been reacting, not initiating, to the improper actions of management. Who files the suit in California... not Williams. He was forced to respond. Hence the sale of shares, to be able to pay the attorney's fees brought about by Management's improper actions.
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