Orwin practically shuttered the building, and closed down Ops, then silence..
And mentioning BK right off the bat.. It made no sense his haste on the gloom and doom. Anyone have ANY idea what that was about? A comeback is welcomed, but I don't get Orwin's actions from the git-go. Anyone?
IMO- Any legal team advising on this type of ordeal would make all the same statements.
Shutting down the operations & selling all of the hard assets will benefit shareholders in the long run. Takeda has more experience and resources to take Omontys to its full potential. Most small drug developers that take their drugs to market in most cases are their own worst enemies. DNDN is a prime example of this type mismanagement.
Orwin was a big seller in the 6 months leading to the recall but also still owns a decent (not large amount) of shares. I doubt he tried to kill the stock price on purpose.
You are the CEO of a company that has bet everything on one drug. One day you wake up and the drug is recalled. You just lost your bet since there was never a plan for the worst case scenario. No other option but BK since there is not enough money to investigate the drug failure. Why would a CEO take that kind of risk? The same reason someone would invest in a shell company that is going to be delisted, or buy a lottery ticket. Sometimes it works out and when it does it is fantastic , but only one out of a million celebrate.... Do you think you are one of a million?