You are misinformed..
Ronin said correctly "Now, well over a year after another clinical failure of bavituximab (the Company's immunotherapy drug candidate), instead of addressing the core problems of the Company, the Board relies on tangential, counterfactual, and straw-man arguments to justify their positions, in desperate attempts to externalize the problems they have created. We believe immediate changes are necessary to stop Peregrine's reckless spending and equity dilution in order to put the Company on the path towards creating value for stockholders and stability for employees."