Yes, I thought about that too. I forgot to mention it in my post.
All I know is that LPH in the past have always filled with the NYSE in a timely fashion. In this regard they have followed the rules of the NYSE to a "T." Their accountant is on board as is their CFO; I doubt they have any trouble in materially being able to file for this quarter.
I assume they haven't filed with/replied to/ or addressed the NYSE since Jan. 3rd as advised to (not) do so by their legal counsel. And if that is the case then they are really playing hardball... this is an absolutely all or nothing action on the part of LPH. Risky? Not if they are innocent and in the clear as per all of their allegations listed in the lawsuit.
Just a guess on my part; maybe the two Audit Committee members resigned as they did not support such a strategy. But I really don't know. If the Audit Committee members resigned because of any wrongdoing on the part of LPH then the CFO, Bradshaw and Co., and LPH's Lawyers are idiotic beyond belief. And I don't believe they are. Rather I think that LPH, their CFO, Bradshaw and Co., and their Lawyers are confident that their lawsuit will win- and win completely. This is a high-stakes game for LPH and I don't sense that they are acting out of any sort of desperation or deception.
They have spent these past few months putting together this lawsuit. Why would anyone- let alone all of these various parties involved- take such an action if it wasn't to fully vindicate themselves? LPH are neither vague nor silent. They pull no punches and everything is being done in a precise and legal manner. I am both embarrassed that they must even do this (yes, I believe they are innocent) and impressed by the manner in which they are defending themselves.
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