It looks that way. There are a lot of posters calling for the CEO to be lynched and then saying they sold all their shares because the company missed its target revenue and sharply lowered its guidance from the presentation on 19th May. Not much actual analysis or facts being discussed, just "off with his head", "sell all".
Earlier guidance was full year revenues of $34m. Now revised to $25-27m, which is a sizeable drop. At $25m, thats $9m revenue less than expected and maybe an earnings drop of $5m. Nonetheless, revenues are growing, especially in the US, just a year behind expectations. Adapt revenue growth was too optimistic, particularly in Europe. The loss of the pump supplier had an impact as well.
It would seem that perhaps the CEO wanted to get the CR done before revising guidance.
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