There is nothing illegal about a reverse split or even multiple reverses splits,so I am not sure what would be investigated on that one.There is no law against bad management.
-The issue of doing a reverse split combined with reducing authorized shares, then 1 day later increasing the authorised shares is an issue. The reason they did that according to my understanding of the rules is that to reverse split the stock and maintain or increase authorised shares (at the same time)requires a shareholders meeting. This is a bit odd how they did it to say the least.
- However, the press releases this year and what is on website the SEC engineering office at the very least would probably immediately issue a comment letter, and the company would need to respond, and probably issue retractions and take down much of their existing website.There is nothing really to investigate or time consuming here- if SEC engineering office sees this year's press releases they probably can draft a comment letter in an afternoon ! This is fastest means to put a stop to inane press releases that some people believe.)Company would probably answer but then consider de-registering the stock).
SEC has limited resources and has to prioritise, and again I dont think they are in the business of punishing poor managers.
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