Cytodyn Inc (CYDY)

[HyGro]

NP was terminated for cause -- the COB and Sidley both saw what he was going to present at the cc and said that's it -- violates "company policy." The SEC and DOJ are investigating him for "false and misleading" statements about clinical trials and in regular discussions with Sidley and the new COB (a regulatory lawyer). New COB and Sidley saw what NP was going to say and said he needs to be terminated. The board also was instructed on their fiduciary obligations and the SEC/DOJ implications if the board allowed NP to communicate other "false and misleading" data. The Board has exposure to the SEC/DOJ if they do not police the CEO's behavior and they were not.

NP had to go as the first step to try to minimize the SEC/DOJ actions. Sidley and the new COB both knew that.