So far I've seen two class action lawsuit notices. It makes absolutely no sense to me how any one can sue the company because the results were negative. It's a small cap biotech stock - they're all considered speculative investments for a reason. As an investor I knew I was taking a risk as I'm sure so did every other investor out there, and I can live with my choice - I liked the reward potential and was fine with the risk. So how did Vijay and co. mislead us? Sure he was enthusiastic and desperately wanted this to be a success, but it's a trial and the whole point of a trial is to see if it works or not - there's no guarantee that it will be a success. In reality the odds were against us in the first place.
So how can you sue a company for a trial that failed? Vijay never came out and said I guarantee this will be a success. He never said trust me we have a winner here. All he said was that he was confident in the trial, but who doesn't want a confident CEO? And now one of the class action suits is based on the opinion of an analyst that said that VICL should have analyzed the endpoints separately and ended the trial 12 - 18 months ago. Vijay has always stated that both endpoints would be analyzed and released at the same time - so how can you sue them for doing exactly what they have always said they were going to do? Maybe it's because I'm Canadian but I just don't understand how easy it is to make up reasons for lawsuits, especially where you're the one to blame for not doing your own DD or investing more than you could afford to lose on a speculative bet. Or for following the advice of a certain person/people on message boards and online investment sites where anyone can write an "article". Do your own research and accept the choice that you made, I find it amazing how people always look for someone else to blame for something that they chose to do.
Doesn't it make you wonder if some law firms get a fee for adding to the selling pressure?
I think if I had a large short position it might be worth a few bucks to have a lawyer or two ready and waiting to announce a potential law suits the moment news is released. Panic selling and stop loss orders.
BTW I strongly believe short selling should be illegal in as many ways as it takes to stop it.
Selling other people's property may be alright with congress and short sellers but I doubt you could find ordinary investors who will agree. In my opinion they are thieves and its people's retirement funds they are stealing.
That's exactly it happy the employees will be the victim in all of this. Although I do have a soft spot for Lionel, I can't stand ambulance chasers. As for the spammer it's probably someone who was short and has now covered and is trying to double his money. It's amazing how clean the board gets when you take advantage of the ignore user option.