Avid Bioservices Inc (CDMO)

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On July 21, 2017:
SK wrote to his employees that they had a "clear plan" to grow the AVID Business based on their customer base and "strong financials results" which "indicated" they were on the "right track for continued growth in that business."

20 Days later on August 11, 2017,
Personnel supporting the Avid Bioservices CDMO business, a wholly owned subsidiary of Peregrine Pharmaceuticals, was reduced by 20% to 184 employees to align operations with the reduction in forecasted revenues.

What in the world is wrong with this Management Team.. how can something change so drastically in 20 days to warrant a 20% in RIF's...? Crazy.. So reactive and clueless. There is NO WAY ANYONE who works at Peregrine Believes and Supports the current management and BOD.