Bankruptcy makes it a bit different, I guess, but Gamestop executives can't possibly make a good faith argument that +1000% price in the middle of a short squeeze is a correct valuation of their stock. The SEC has a lot of discretion here (both by law and in practice), and they're just not going to let a company bilk its investors like that.

"bilking investors?" Gamestop is a mature company in a mature industry w/ 20 years of annual reports, earnings releases, investor calls, SEC filings, etc. There's far more information upon which to make a decision about Gamestop than virtually any IPO, or tons of low-float, low-volume stocks out there. Could easily say you know way more about Gamestop future prospects than Uber, Airbnb, Beyond Meat, plenty more.

Discretion

* The U.S. Securities and Exchange Commission (SEC) had previously conducted multiple investigations into his business practices but had not uncovered the massive fraud.*

https://en.wikipedia.org/wiki/Bernie_Madoff