To a degree those that bought into just the hype, it is their own fault, because there was nothing of substance to support the Mcap at the time, just an idea or concept. There are lots of ideas and concepts that are worthless.
However it also becomes shareholders own fault if they sit back and do nothing when the company is keeping them in the dark. IMHO shareholders need to be proactive and make the BOD squirm or a lot worse, if the BOD is keeping them in the dark.
The rules of the game from ASIC/ASX are that the BOD must keep investors informed, however we had many naive people invested in this that clearly thought 'social media' hints were all good news and bullish, and had been convinced by promoters that everything was working to plan, despite official announcements keeping people in the dark and showing the BOD was taking an incorrect path as in not the accepted studies of viability.
IMHO the BOD here have been not following the rules they should have and have been keeping shareholders in the dark. There should be consequences apart from just shareholders losing money, which there are theoretically, but always seem to take far too long.
We live in a new world where the old rules about company announcements are being circumvented via social media (including this forum) where 'insiders' can effectively stop shareholder action by rosy posts from a lot of supposedly different sources. This applies to all listed entities.
If a lot of distribution of shares had happened by smart money as @JoshuaL has now stated, then a lot of naive money has been tied up in this, but those shareholders have taken no action. They did not bother to press the BOD about being kept in the dark, because they were influenced so much by the social media posts.
My experience has been that companies can get very scared very quickly when shareholders start to take action, any action. No action by shareholders whatsoever has happened here, so the BOD never seemed to be worried about most shareholders. It only takes 5%, but you know this. I wonder if 'things' would have been different here if yourself, @fooca and myself had been shareholders. I suspect there are people that are very happy we didn't buy in!!
WFE Price at posting:
2.4¢ Sentiment: Sell Disclosure: Not Held
