You will likely find that even when they "might" be doing...

You will likely find that even when they "might" be doing something, you will still get the same response either way - i.e. the standard "we might be doing something, but we're not allowed to tell you. Don't call us, we'll call you." And you will never know what happened, but can probably presume it was very little.

In my opinion, ASIC appear to have little interest in protecting shareholders and consider them fair game... the only time they appear to take action is when a company is in the hands of receivers and the receivers produce the paperwork for them to take action - i.e protection of creditor interests. Might be wrong, but I don't recall hearing of any prosecutions of directors or managers or companies when the company was still trading in some form, no matter how weird the goings-on.