But Jack won't quit until he's forced out because Arena's got a severe case of Founders' Syndrome and he doesn't see that he IS the problem and people around him don't tell him because they want to keep their jobs and the Board is attached to their fat salaries and free stock options and none of these people give a damn about shareholders, IMO, except when it comes to raising money. Jack's is a big failure when it comes to shareholder value. A miserable CEO who's got to go for many reasons that will be enumerated soon in a big publication.
APPENDIX 2 – Jack Lief’s Promises About 2015 vs. Reality
Stock has tanked since 14 Jan 2014 when Jack said “This year is shaping up to be a especially interesting year for Arena”. Investors are fed up with receiving lip service from this management team, and year after year of erosion in share price while management rakes hefty salaries, bonuses and options.
Ø “This year is shaping up to be a especially interesting year for Arena -- this presentation will illustrate our clear focus on building shareholder value.” January 14th, 2015 at J.P. Morgan Healthcare Conference [$6.13]
Ø ”As investors and people will see this year we're basically with our pipeline advancing into phase 2 programs we're basically a completely different company than we were viewed as last year… The demand for exciting new drugs is SUBSTANTIAL (with emphasis) in the market. We've seen that since we announced 334 data - we have interest in all of our pipeline products with other companies.“ February 24, 2015, RBC Capital Markets [$4.74]
Ø ”We are optimistic about opportunities to create additional value, both through continued growth in BELVIQ sales and through our development programs. We believe the intrinsic value of our development program assets will increase significantly in 2015, as we advance our candidates in multiple late-stage clinical trials, file an NDA for our QD lorcaserin formulation and report additional clinical data...” Mar. 2, 2015, Earnings Call [$4.50]