Greg Watson has now done a runner to the USA.
That might prove to have been a mistake.

Case Summary

The lawsuit is for purchasers of the common stock of Emcore Corporation (NASDAQ: EMKR) between June 12, 2007 and June 30, 2008.   

The lawsuit alleges that the Company made false and misleading statements throughout the class period in violation of federal securities laws by publishing statements that its main customer, Green and Gold Energy ("GGE"), was a viable company that could afford to purchase the product it had backordered from Emcore. In fact, the lawsuit alleges, Emcore knew that Green and Gold Energy would not be able to pay for its backlogged orders because, among other things, Emcore knew that: (1) the CEO of GGE formerly promoted a failed venture to produce a "perpetual motion machine" (a machine that modern science has proven cannot be made, and for which investors reportedly lost all their money), (2) GGE did not even have a plant to build the machine in which it was going to use the product it ordered from Emcore, (3) the prototype of GGE's machine in which it would use Emcore's product was not functional, and (4) the company GGE touted as it "exclusive distributor" (Zolar Distributors) was a sham company with no physical address created by GGE itself. Moreover, the lawsuit alleges that Emcore's insiders traded on the information that they concealed from the investing public, making big profits on unscheduled and unusual trades that they made ahead of the precipitous fall in the Company's share price.

On March 18, 2008, reports that GGE was not a viable company started to surface. On the basis of these reports, and Emcore's rebuttal to the reports, made the same day, which failed to address the specific allegations against GGE, the price of Emcore's shares dropped precipitously, falling more that 23% from the previous day's trading, on heavy volume.

Look behind you Greggy
You can run, but you can't hide!