As shareholders we are pretty much at the bottom of the list of...

As shareholders we are pretty much at the bottom of the list of whom will get paid anything if anything was to be recovered. Employees with unpaid entitlements; liquidators; and secured creditors are well and truly above us.

If the company has no money it will be very difficult. Sure there is insurance, and I don't know much about this side of it.

The other option is to go after directors personally, presuming they have money. To pierce the corporate veil and hold them liable is no easy task and there are very few avenues open to do it. One however is fraud. If it could be shown that in releasing the ann that told everyone they pretty much had secured a $100m contract was fraudulent - that is, intentionally misleading in order to gain from it - then this opens up an avenue. Anything less than fraud, such as negligence or carelessness, will not allow the corporate veil to be pierced and liability ends with the company only, which has no money (presumably).

I'd be starting by looking to the details of the ann, specifically as to why exactly AT&T claimed that XTV's ann was misleading / inaccurate, and why XTV claimed it was not misleading. Specifically, look for any directors that profited either directly or indirectly from the ann and subsequent increase in SP.