I posted the possibility of a shareholder lawsuit about a week ago and my message disappeared on this board. It is a crying shame that this company is going down the tubes. All of management should be held accountable and fired. All benefits should be removed and salary cuts inforced along with pink slips. I think the SCE should investigate immediately.
As a former employee from the BTG days and a holder of this stock since 2000, I can only kick myself for not selling at 28 a few years ago. I was actually a believer like others that the NDA approval would lead to a sale of the company at either 28 or higher. When I was there from 1994-2000 all they did was hire people at high level positions with really great stock options. These employees hung around for a while and left taking their options with them and definately cashing in. The place was so dysfunctional that once we had an NDA approval sitting in our lap and lost out because the patient followup was insufficient and management would not spend money to try to get the information. But the best one was the chance to buy SCIOS at about 9 per share in the late 90s but management said it was too expensive. SCIOS had their NDA approved and was bought out by J&J for around 40 to 60 a share later. We used to joke that the company was jinxed because the office Building was allegedly built on an Indian burial ground.Looks like that was the case.