"If the directors are found guilty, White Energy and its cash...

"If the directors are found guilty, White Energy and its cash pile will become a class action lawyer's wet dream."

Why should WEC be hold liable for the potential *private* wrongdoing of its directors? Whatever they may have done with regards to Cascade they have not acted as representatives of WEC and therefore there's absolutely no legal basis to reach out for WEC's cash.
The fact that they proposed Cascade to be taken over by WEC based on excessive valuation surely questions their integrity as directors of WEC, especially after the recent revelations, but has nothing to do with how Cascade was awarded its exploration license for the Mount Penny tenement. Things would be different if WEC had actually acquired Cascade but as they haven't there is no damage that could be claimed by WEC shareholders.
You don't have a lot of understanding of liability law, do you?