Titan Medical Inc (TMDIF)

[JohnQInvestor]

The problem with what this company did is that they induced a lot of people to invest a lot of money based on what has turned out to be false information. The problem is not that they simply changed course after heading in one direction and their change of course is not analogous to a company with a product already on the market changing strategy. The problem is that all they had was investors and the promise of following this strategy (milestones). In public disclosures and when they bothered to respond to investors, they repeatedly represented that they were on track with this milestones. At a certain point, they stopped responding to investors, leaving their funders to draw their own conclusions based on previous assurances and the continued presence of the milestones on the titan site. However, titan changed its plan, all the while keeping investors under the impression that the milestones remained, and these investors would finally get the chance to see whether the company they'd invested in would do what they hoped when its product hit the market within a year. At this point titan changed the entire script. This is the problem. People kept investing based on repeated assurances that they would have a chance to see whether this company was profitable only to be told late in the game after months/years of misinformation that the information was false. If this is not deception, I don't know what is. Investors had a right to expect the milestones would be followed. That was a central aspect of the bargain they entered into with titan.