I very much doubt whether the former CFO and former board member hold any options or significant amounts of stock. Maybe you have the up to date numbers for those two individuals, to prove I'm wrong. Yes the other board members do still own stock etc., but they haven't resigned.
A pump and dump is when a company pumps the price of a stock up with a lot of promises (i.e. 3,000 boepd, 12 wells by end of 4 qtr) raises money on the inflated stock price, then the stock price collapses leaving the investors who bought the offering holding the bag. I think those investors who bought the offering at 3.25 would generally agree with me.
Whether this was intentiona lor not, I have no way of knowing. But what I do see is a total disregard for the shareholders. Their record for providing updates is dismal.
The stock price dropping 80% does not mean the stock is now a buy if there is a good reason for the drop.
The stock in my opinion has a chance to go up for only two reasons 1) they drill a good well, 2) they drop the Origin deal giving the company some working capital.
I'm not angry, I sold. But I would think there are a lot of shareholders who are. I'm maybe appalled at the general situation and somewhat intrigued as the situation to date continues to get worst, although who knows maybe the next update will be positive.
Poor management decisions aren't illegal, just very costly for the shareholders. Todays market is very unforgiving for missed promises.
However, buying a venture exchange stock is always a gamble and you shouldn't invest more than you can afford to lose.