I sold back in June. I think the meltdown has been a long time coming and I feel there are a number of reasons for it including:
* The EICA deal falling apart,
* the shortage of funds as a result of the EICA bomb,
* lack of transparency about the EICA failure,
* attempts to hide the impact from the resulting lack of funds,
* failure to bring any of their products to market (with the exception of the 20W CFL) because the inadequate funding prevented completion of UL and ES testing,
* Lack of any major sales (AFAIK anyway),
* Pricing target unattractive compared to existing CFLs.
Please note, I haven't kept up with recent developments so this info may be way out of date. The only thing that's going to save their bacon is if they can get the ballasts UL and ES certified, on the shelves, and marketed to willing buyers.
I might add that PSPM is a good case study why you shouldn't trust the IR guy without a certain amount of skepticism and that fluffy PRs don't count as transparency.
