ambulance chasers...most of them will never see light of day because without shareholders support they have no case and shareholders are not jumping on class actions when they still hold shares and STP is not going bk.
If you sell your shares and join a class action you will end up with pennies on the dollar anyway.
I'm an STP bondholder and also have some experience as a class action attorney - albeit as a new associate. You bring up the catch 22 here. The hope is there is no bk, so there is no ultimate loss to the share and bondholders.
However, the shareholders who did sell can claim damages, since STP did not do proper DD. That is essentially the rub. The law firms don't care about current holders - or holders that come on now.
It should be interesting to see what happens. The bond prices don't paint a pretty picture, but they have come up a bit lately.