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ImmunoGen, Inc. Message Board

  • insidetrack22 insidetrack22 Nov 20, 2012 12:11 AM Flag

    The problem with IMGN is its CEO and CFO

    The CFO is milking IMGN and fleecing investors. At every opportunity, the CFO sells his IMGN options right away showing no confidence in IMGN except for using IMGN as his own atm machine. At every turn, the CFO authorizes dilution of IMGN stock to finance personal stock option purchases. If you look at the CFO credentials, all he has is a BA degree (not a CPA, not a MBA, nothing). I am not even sure is if his BA degree is related to business at all or is it basket weaving. Since IMGN management owns less than 1% IMGN stock, the only way IMGN can profit from T-DM1 approval is to fleece investors again by giving themselves the option to purchase at a low price just prior to approval on Feb 26th. IMGN will never be a world class company with low class management at the helm. What these clowns don't get is that in the long run, by constantly milking IMGN price low, a take over is inevitable. After the takeover, these clowns move on to another company and start the process over again. If you look at IMGN website, you will notice the CEO and CFO move around from one company to another. By the way, the CEO has a Master of Management Degree from Kellogs, this degree can be acquired on a part time basis if you pay the right price. I am far from being impressed. Since the management team is not world class management, that is why IMGN negotiated such a terrible deal with Roche and has low revenues. I am really shocked why institutional investors would put up with this group of clowns.

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    • CFO commented on the CC that the executive stock compensation INCREASED 33% over last year's numbers. Kind of makes the 40% shareholder haircut even harder to stomach.

      Sentiment: Hold

    • agree with most of this, but Kellog is a good school and current management did not negotiate the Roche deal, but they and IR failed to disclose the details of the deal for the years they were employed there and the BOD allowed them to do that, so they are all at fault. As you mention, dilution, free options and selling by insiders is bad corporate governance and negative for shareholder value.

      • 1 Reply to bioimmunomabman
      • A CFO's job is to develop a long term revenue stream strategy. By looking at IMGN financials, the CFO has failed miserably. His long term revenue stream strategy is not by leveraging or develop partnerships but to dilute the stock when he needs cash to reward himself and to keep IMGN afloat. I am really surprised that fund managers holding IMGN shares let IMGN management get away with this kind of nonsense.

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