The onus is on us "the investors" to know what we are buying into. There is no substitute for DD and once we have bought into any stock, simply sitting on a BB with all your blind buddies, calling every naysayer (or doubter) a basher, etc. is a sure recipe for disaster.
There is no substitute for experience, and personally I never even got to the point of sitting at the CEO's feet listening to his gospel because when I opened the web page I immediately got the same smell as a New Delhi trash heap.
I'm convinced any judge would go back and look over the financials along with the MD&A and say that there are no grounds for a suit.
But go ahead and get a lawyer... it isn't my money you're spending.