Perhaps they didn't fall asleep at all. Perhaps their attention has shifted to tracking down potential acquisitions to justify the secondary.
Sometimes reality is just a little more complicated than falling asleep and we must allow our minds to expand!
Nothing more ironic than a demonstration of ignorance while telling someone they "don't get it."
Before they increased shares 20%, our p/e was quite respectable and improving. Our pps was at $9.50 and improving consistently to reflect the improvement in the business.
Since issuing these new shares, management has not acquired the earnings power to justify the secondary. I suspect they're also distracted by their shopping expedition and the core business has suffered as a result. Retiring the shares issued and concentrating on the business again should drive the pps to double digits. In situations like these, where poor mgt/BOD judgement has seriously hurt shareholders, it is normal for heads to roll. You can't have it both ways.
I think in fairness, we would all then have to admit the secondary has proved to be a disaster for shareholders. A management action causing the loss of more than 50% of one's investment is serious enough to require discussion and possible management/BOD sanction IMHO. At this point, given that no viable candidates seem to be available, we either undo the mistake by repurchasing those shares or we're going to need new leadership.
There's no point letting the company return to insane valuation levels.