I don't see the standing for the class action lawsuits. Shareholders are upset about the forward looking statements related to the security of the dividend. The safe harbor provisions for forward looking statements rely on what the speaker believes to be true at the time the statements are made. It is very difficult to prove intentional fraud, and what would the purpose have been? Most did their research and seemed to think they were getting an incredible deal buying this stock because the CEO planned to continue paying the dividend, until...he changed his assessment and changed his mind. RISK is in every investment. Class action lawsuits seem self defeating. After all, you are essentially suing yourself and giving a huge component of any findings to the legal fees because they are first in line to recover.
They lost money in the stock market, what's not to sue about? And to think some people think we have a lawyer problem in this country. Go figure. I have a class action I am trying to put together for my losing lottery tickets, I mean at some point you should have to win big right? Sue, sue, sue me