1. Not adequately responding in a timely fashion to the actual short cabal that drove the stock price from $15 - $3. The stock has never recovered. The "cabal" everyone speaks of today is a mirage. The real cabal, the Feuersteins and Michauds, and Sykes, even Dr. Adam Kline et al have moved on. But the damage remains. Missing had several opportunities to seize control of the narrative, refute the allegations, and he did nothing until it was too late.
2. Not being transparent with shareholders. It's one thing to need preferred shares, but if it is truly to prevent a hostile takeover, just say so. The fact Missling is unwilling to publicly and definitively state that the preferred shares are going to be used to prevent a hostile takeover is concerning, because they can just as easily be used as a took to bypass the 100M authorized share limit.
3. Not being transparent about the need for cash. This isn't as big of a deal because any astute investor could look at the balance sheet and know that $17M runway is nothing, but in his investor presentation he made it seem like dilution was a non-issue, and then a few weeks later he sneaks in a shelf registration after hours before a holiday weekend. If there's going to be a need for dilution, own it and be clear about expectations shareholders should or should not have.
4. The agreement with Biogen was a mistake -- why give them access to anything AVXL-related without getting anything in return?
5. His salary is inflated relative to the stock price. He's in a win-win situation. I'm fine with paying him after the fact with warrants, but even for NYC standards for a company that is not making any revenue, he shouldn't be making nearly as much as he is -- after all, he stands to gain the most if the drug is successful and that alone should be reason to stay on board if he truly believes in AVXL's success in the current trials.
