Actually, the old system had to do with not disclosing finances. Financial disclosure is relatively a new concept and has worked extremely well thus far. With the exception of Pink Sheet stocks, any company that is registered with the SEC must disclose their financial condition. Apparently to some, it is only the pink sheet companies that have items on their financial statements that are so important that they are willing to go to any measure necessary to not disclose their financial condition. Every other company MUST disclose their financial condition on a quarterly basis and I've never heard any of them use the excuse that they are trying to keep their revenue figures a secret in fear of their "enemies" gaining a leg up on them.

Ultimately, it's a poor excuse that is nonsense and is actually a red flag because the majority of the 22,000+ stocks that are traded on the U.S. Exchanges and Electronic Bulletin Board are transparent.