Suing company for $145 million. Company is currently valued at $20 million.
Stocks were trading at $4.45 per share in 2012. Currently trading at $0.09 per share. In case you aren't down with the maths, the stock has gone down 98% in under four years. NINETY. EIGHT. PERCENT.
... legit worried about Eugene's financial wherewithal to ever commit to being able to support this franchise as anything more than a budget team. He's attempting to sue his own company for over 700% of what it is worth. Like... just read that again. Not good.
I wouldn't lose to much sleep over Melnyk's finances.
The fact is most of Melnyk's shares were worth a $1.50 five years ago and while the shares did peak at $4.45 briefly in 2012, they have been in decline since the end of 2012.
When Trimel was founded Melnyk owned 69% of the shares. today he reportedly only 15% of the Acerus (formerly Trimel) stock.
The 15% means Melnyk currently owns ~30,130,500 shares.
Therefore his losses are in the range of $43M based on the stocks initial price of $1.50. Of course that doesn't factor in the possibility Melnyk sold off millions of shares when the price was at its peak of $4.45/share.
Now since his lawsuit names the Board Chairman, CEO and other Board Members, as well as the company, his lawsuit could possibly be an attempt to take over the company.
Given three of the company's key drug offerings are relatively close to going to market, the company's financial picture is likely to brighten significantly in the future.