Having been on both sides of law suits there are a few things to consider. The first of which is are there any liquid assets? The second is legal fees, who will pay. The third is obtaining a chapter 7 bankruptcy considering that the company may well argue that such action is not warranted. Also the company may file for Chapter 11 bankruptcy under which the company is protected from it's creditors. The company can also argue "Buyer's Remorse" and I feel sure they will have many other arguments.

Usually my attorney convinced me that while I had a good to excellent chance of winning I should consider the possibility of loosing and even if I win will the legal costs be greater than the recovered money. In all but one case I did not sue. I did win one suit but was never able to collect because there was no money to be payed with.

Note that there are already two federal lawsuits alleging fraud, along with five separate arbitration cases. See: Arstechnica post.

I'm not saying not to take legal action, I'm saying to go into this with your eyes-wide-open. Make sure you are not throwing good money after bad.

Disclaimer: I have no interest in the company in any manner.