over reaction: do you hold shares?, page-8

The ASX is toothless and there is conflict of interest in having it as the initial investigator. The ASX profits the higher stocks rise, as a bouyant market usually brings more trading on the exchange, more IPO's etc etc.

Also sellers generally just move on and those holders who stick it out usually don't want any investigations that could further damage price.

In this case, what angle could definitely pin down BYR anyway? Regulators usually don't chase things unless they are very certain of success. There are clauses in the JORC code about releasing drill results in context that BYR could fall back on, along with the uncertainty vis-a-vis Italiana results and the Ghana ones, along with all the excuses we've already read. I'm not making excuses for them. Withholding the results was wrong and sucks big time. I'm just anticipating the likelihood of regulatory action succeeding.

By the way - Baile's post above is a lot more factual than Forro's.