Board put on notice that they need to act, current management has demonstrated that they have no ability to grow Momenta. Talk is cheap the true measure is managements ability to grow shareholder value. Their story is old and wall street is tired of hearing it.
Stock price and no partners says it all!!!
Craig Wheeler had his try and his time is up!
Hired august 22, 2006 stock price $16.18 September 21, 2011 stock price $11.10
During this time he has purchased 0 shares with his own money and has been given 2.1% of the company as of May 31, 2011 1,098,125 shares and counting.
I and fellow shareholders have given him 5 years zero BD and and 31.4% negative stock growth enough said.
Shea and Wheeler must go!!
Why would new investors invest a cent with this team.
The only good they have done for me as a loyal shareholder since 2005 is that they were so inept that I sold half my 2005 holdings last month before they could lose another 40% of the value.
The BOD is paying the guy a salary in excess of a mil, and at today's close he owns $100 MIL of stk and cheap options for a boatload more. He's been selling regularly since starting putting even more current cash in his pocket. I'm sure he'd be happier if the price was $20+ a share but why take time from playing golf for the difference in comp? You pick up a couple or 3 mil a year for showing up for an occasional board meeting or break your butt and make $4 or $5 mil, 1/2 of which you lose to takes. I don't know for certain what his work ethic is but you see this all the time in this industry. The guys make a boatload of money even if the company fails, they make 2 boatloads if they succeed. Same deal for the BOD. Everyone wins but the investors. If they do show him the door I'd suspect he'll leave with $5 to $10 mil as a going away present. No losers here. Just wish i was smart enough to get on the winning side ( inside) of one of these companies. Be nice to find out who bought all those put options the day before the announcement. This one's a goner it seems
This team has missed many opportunities to enhance shareholder value. Keeping the stock high gives protection to investors. Do they ever hint at a special dividend, a buyback, a potential buyer? No; they have a secondary offering when shorts are in full stride. If teva ran this company, Amphastar would have been forced issue an apology by now!