Catalyst also reported that it has seen press releases disseminated by several law firms announcing that they have filed class action lawsuits against the company and one or more of its officers and directors alleging violations of federal securities laws. Catalyst believes such suits to be without merit and such suits will be vigorously defended.
What it doesn't say is whenever a Co. PPS drops 50% in a Short time, these law firms always file nuisance suits seeking a lead plaintiff. They fire baseless accusations at fearful shareholders, seek a customer later. Cases are dated. They fizzle and die without a plaintiff. and like all rats there's never just one. If the case has merit or the firm is paid to go away it can take 4 or more years to reach a settlement. Shareholders get pennies on the dollar. law firms take 20 - 35% of the top.