Not sure, why no one tried to sue this company. They dropped the price from 4.xx till 1.3xx, intentionally or unintentionally, a lot of investors like me lost 70% of money. This stock is still bleeding but no lawsuits yet.
Root, If you are right and not making up about your purchase, then you are not doing good for you and your family. I am telling you because I lost 40k in this game of PDUFA, started with the hype time before the first CRL and then this stock never recovered. This stock has a big problem that it's flagship LS does not have any market what so ever, this is the reason why SP does not hold and goes down all the time. Above all the management (Note: Larson is still there ... that's why I call it the same management), does make deals like CREDE and GE time by time to make money and hurt investors.
This stock is finished as Tonoos said the time is over for them, need another NEOP. DDB already stopped pumping this as his/their agenda is over and they already made money.
They did the same thing like last approval in March 2013. No PR till the EOD. Nobody was there in the office to receive the approval from FDA. Bunch of slackers and incompetent people, not sure what to expect, how to react and how to deal with these shorts. This is the reason why this stock is tanked from 4.7xx till 1.11 and now @ 1.72.
I don't think that there will be shorts covering soon. There are guys who have a lot of sympathy for Pykatt but check it out what he has done? He already destroyed this company and continues to do it. He did not even care about the investor even a second thought.
As disclosed on May 19, Navidea Biopharmaceuticals (NAVB +5.7%) terminates the contract of CEO Mark J. Pykett, V.M.D, Ph.D. effective May 30 as he transitions to a consulting role. Board member Michael M. Goldberg, M.D. takes over on an interim basis for no additional compensation.
Under the terms of the separation agreement, Dr. Pykett receives a severance payment of $750,000 payable in two equal installments on June 9, 2014 and January 2, 2015 plus $32,277.44 for accrued vacation, 100% expense reimbursement, $10,000 for the legal expenses in drawing up the contract, continuation of all options rights and 300,000 shares of stock that will fully vest by December 1, 2014. In addition, he and his family will continue to participate in the company health benefit plan for executives for the duration of his consulting contract (June 1 - December 31, 2014) and 18 months thereafter. For his services, the company pays him 40,000 shares of restricted stock, half of which are milestone-dependent.
Don't feel bad as you are not alone. I did the same mistake like others. I should have listened Adam, that there is no market for this product and specially when he said "heck out" at the crede deal (when the stock was 2.87). Oh man! the time is over now.
Crede deal was a disaster and people who realized it, sold the stock as soon as Crede threw it to the drain. Quants kept saying ... "Crede is there for a long time" ... he is just a mere pumper.
Yes, it turned out to be a nightmare! Management had absolutely no clue what they were doing? Price downfall is still going and no one knows till what point?
A lot of politics involved right now, power struggle and other issues. There are people who are still the state of denial calling this manipulation? My idea is, there are only OT guys (who bought under one buck) and PM are there now, others have already left.
I mentioned it earlier that I took 40k in losses in NAVB. I never thought that this stock would turn into this POS. I am keeping an eye on the board and news about NAVB to see if there are lawsuits and any other development to show that there was a misconduct, insider trading or the reason why this stock fell that much? I am still not feeling well about that huge lost.
This has been the case all times ... nobody knows who has got his feet on NAVB's throat? why it goes down very next day? Why the short % is increasing? Is there any hope in this stock?
I like the change and hopefully very positive for the company going forward. Reducing cash burn, focus on most important things, get more partnerships and keep a good financial control.
Yes as Baselius from SA said ... CFO change would be best and required. Everyone wants to see some accountability from management. Missing the contract details and caused the stock to go down drastically is not tolerable. It caused the whole mistrust for the management.
People have shown suspicion that DD is MG himself. There is one more important post on the OT board:
"In the meantime there are MUCH more important Navidea issues on which we need to focus, some of which I believe we're going to be hearing about shortly.
Here you go ... Now they are accepting that thee are issues? why the did not realize it when everyone pointed out? What value they have provided to the company? If we accept that Larson was the ONLY one culprit for the Crede debacle, who else reviewed this deal?Pykatt or Tulip became novice? come on, they knew what was happening but they did not give a second thought to the shareholders.
DD is the mouthpiece of PM but unfortunately he is not able to give value to NAVB. Saving PM not NAVB....
Forget about whatever happened for few mins (even though very difficult to forget) and let's think about what happened:
1- 4.3xx before CRL in 2011
2- CRL -- dropped it to 2.4x
3- Got approval, were 3.5x and dropped to 3.2x in 2012 March
4- Applied for EU/other designations blah blah ... dropped under 3
5. GE deal ... another blunder by management
6- 2.87 ... here comes CREDE deal, Adam said "hack out..." and then the downfall started dropped from 2.87 till 2.10. Management did another blunder with B.S contract and forced SP to go down
7. More dilution, more pressure on the SP
Looks like Management intentionally wants to go under $1? They know what they are doing, I am sure not a person with 10% of brain can understand the consequences. PM is leaving them? why they are going for dilution again and again even it is not required at that time? Do they want to sale to other company under $1?
Where are the lawsuits? They have lied multiple time "we are good" and went for dilution? Is it not the misconduct/illegal? what were their motives?
Not only that, he said "all is well" while he got into his life boat and started going to other direction.
I have said it earlier and saying it again, pathetic management, not sure what they want to do, not sure will be consequences, not able to read what they sign.
Crede deal debacle was not far away, and instead of building the trust again they went for shelf right after CC? are they drunk?
Iwin, wake up dude! your theory does not work and never worked! Wake up, Crede has already sold their shares and you still insisting they are holding!