hylander -
You make a good point. An SEC investigation does not impose a virtual lock-down of a company. The rational response to a criminal investigation initiated by the feds or FL for fraud is complete silence, refusal to file statements, and anything short of actual filing for bankruptcy. Why? Because fraud will be perpetuated by current filing financial statements or engaging in communications, and honest filings or honest communications would be an admission that earlier filings and communications were fraudulent.