Just because their failings have been on display for a while...

Just because their failings have been on display for a while does not excuse it or make it OK in anyway. In all my years of share investing I have not encountered a business which has this issue to this degree. When I purchased my shares, the normal checklist I tick off before I buy did not include checking for a secretive culture. It was only in the months after my purchase as the share price began its steady march south that the realization dawned on me - and i felt frozen and sick. Now don't get me wrong "Caveat Emptor" applies so its my own lack of diligence - my fault if you like for not learning more first. So I am not avoiding responsibility.

I also believed that the pipeline was real when I purchased. I have a theory that if the pipeline is more than just a Powerpoint presentation now (lets hope it is), then I must assume that nothing being worked on back when I purchased was of any use going forward. Otherwise why else are these pipeline projects only getting started now? Wouldn't there be one with a few steps complete? What were they doing?

I am not often shocked, but this one shocks me.