Leaving aside the results, this is an appallingly handled announcement from a management perspective. At the very least put the company into a halt while you examine the results and can provide the shareholders with a detailed answers to what went wrong and what you are going to do about it. Releasing a vague announcement that something bad happened is total incompetence.
The entire board and management should resign in shame as they have completely failed the shareholders. I feel for everyone who invested in this company.
Ann: Phase II Preliminary Results, page-21
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