I look at this as a positive development. Should have happened much earlier, but it occurred, so let's hope for the best. Can't imagine anyone who would be willing to take the job ( a big if ) doing a worse job than Drysdale, but anyway we're 40 cents from zero, & I've already written off the investment. For me to be surprised, it could only go up, Here's hoping.!
2016 Full-Year Guidance
For the next several months, Pernix management and Board of Directors expect to be fully engaged in driving the initiatives discussed above. During this time Pernix is temporarily withdrawing its prior 2016 financial guidance. The Company intends to update its guidance upon the conclusion of these initiatives.
My first thought it would significantly slow down the cash burn & give the company a chance to reorganize & restructure this massive debt.
If you're a creditor of PTX, better to get 50 cents on the dollar in restructuring the debt than forcing the company to pay off your debt, & in reality driving PTX to BK & as a creditor you get zero.
I'm hoping my hunch is wrong but over 2 million shares traded on a double digit down day spells bad news to me.May also explain why their guy resigned days ago. JMHO
Doesn't feel like tomorrow's presentation will be uplifting!!
Why not here? The downside is staring you in the face. The upside, well, if there is a surprise earnings beat in 8 more trading days, and/or an optimistic forward forecast, this bear down stock can pop by a dollar or more. So, it's your decision, but if you're serious about starting a position, go for it right here. JMHO
Waited for the quarter to come to an end, but good move by mgmt this morning in reaffirming guidance. Needed something to try and stem the bleeding. Let's see if it helps. GLTAL