CPH Chart, page-195

It has a doom and gloom feel because the company has always been losing a drastic amount of money and despite all the smoke and mirrors and fluffy announcements, in reality they have never looked like coming anywhere near breaking even.

When a company is burning through huge amounts of money, most of which goes into the pockets of the directors or spent on them, and barely generating any revenue, and the company can only survive by making up more and more stories about why people should through more money at the company, and year after year after year those promised are not kept, positive cashflow never comes, and the directors keep putting that money into their own pockets while asking for more... eventually... the doom and gloom reality becomes obvious enough that few enough new people are fooled and existing holder are unwilling to throw more money into the fire.

No one needs to try to make this scenario look like doom and gloom, it just becomes too difficult for anyone to apply make-up to the pig and make it attractive to anyone.