It's not that black and white, it can be both, or many things in...

It's not that black and white, it can be both, or many things in fact.
Some thoughts:

• HotCopper is a small echo-chamber (for better and for worse) in the grand scheme of things, have to remember that. There's a lot of anti-management sentiment on hotcopper right now but it's not right to extrapolate and assume that all investors are thinking the same way. I don't have a strong opinion on management as such, but surely silent management doesn't equal management is doing nothing.
  

• The market as a whole is suffering right now so "throwing the baby out with the bathwater" as Rabbit said is KEY factor in present current price action. Other stocks that don't have any of these management woes are also down similar percentages in the last week.

• NVX is still a speculative stock, and speccies will be hit hard in times like these. Recession fears, rate rises, peak debt, and more! When even the profitable blue chips are being sold down, no speccy stands a chance. Count me in as one of the people who sold a lot of speccies recently because having that cash in the bank when I have a mortgage is significantly more appealing when rates are 6% vs 2%.

• NVX has now become more-or-less aligned with the marketcap's of its peers in the graphite/battery materials space on the ASX. Considering the capitulation, NVX is doing OK from a purely-price point of view. Honestly I expected the residual excitement to linger and keep the SP propped up until the company made more progress but the macro-environment does its own thing. Yeah if you compare the Market Cap of of today to the ATH then this feels catastrophic, but hey I'm sure almost every man and his goat with the benefit of hindsight can see the ATH was a bit much. A great hype followed by a great reversion to the mean.