Appropriate Corporate Behavior

[Anonymous]

1. Imclone:

Jan. 25, 2002 - U.S. Securities and Exchange Commission and the U.S. Justice Department launch probe into ImClone and Waksal.

May 22, 2002 - Samuel Waksal resigns as CEO of ImClone. Samuel's brother Harlan Waksal takes over as CEO.

June 12, 2002 - Samuel Waksal is arrested on charges he illegally acted on inside information in attempting to sell ImClone shares, and tipped family members to do the same.

Comparison to Dendreon:

Sam did not remain on the Board of Directors as someone is claiming. He was in prison 20 days later.

There was an official resignation.

MG never publicly resigned. We have no idea why he is no longer CEO, but there was never an explanation. Shareholders deserved and deserve to know OFFICIALLY why MG is no longer CEO of the company they own. Did he resign? Was he removed? Only thing we know is that it wasn't for cause.

2. Qwest:

April 2002: The SEC makes its investigation formal.

June 16, 2002: Nacchio is forced to resign.

July 10, 2002: Qwest confirms that the U.S. Justice Department is investigating

Comparison to Dendreon:

Once again, a resignation.

MG never publicly resigned. We have no idea why he is no longer CEO, but there was never an explanation. Shareholders deserved and deserve to know OFFICIALLY why MG is no longer CEO of the company they own. Did he resign? Was he removed? Only thing we know is that it wasn't for cause.

Someone in another post claimed he is due his due process and so it is ok to let him remain on the Board of Directors. No one is saying he shouldnt get due process. It has nothing to do with due process. Per company bylaws, his legal fees would still be paid. A voluntary or a forced resignation would be about what is best for the Dendreon brand, cancer patients, employees and investors. When Waksal and Nacchio resigned, they had not yet been indicted. They were a distraction to the company. Those CEO's were looked upon as toxic by employees, shareholders and customers. They did what was in the best interests of the company, shareholders, customers and employees.

Why is the same thing not happening at Dendreon? Someone in another post is claiming this is about one person on the Board of Directors and the Boards of public company's are not important and that its just not a big deal. I have to take issue with that. What is concerning is why he is still here and if that reason might be due to a big cover-up of many people still here. If this is about one person, wouldn't they just fire the guy? They wouldn't be firing the guy claiming his guilt to something. They could fire him for bad performance. People get fired all the time in the real world. Is MG above getting fired? It seems like there is much more to it and this should be concerning to everyone who has a stake in the company. There is just no transparency given to owners of this company about anything. It has been the same for years. For stakeholders to not know what led up to MG no longer being CEO and why he is still on the Board of Directors when he is toxic for the company is just beyond imagination.

 

[Anonymous]

I agree completely.

Having him around has destroyed the company:

1) management can't say anything to inspire confidence with the pump and dumper still around

2) they couldn't address the out of control costs with 3 facilities when 2 are sufficient for many years of growth. These facilities were part of the pump scheme and had to be maintained to make this look like exuberance rather than criminal behavior. They only closed a facility when the cost will exceed what they would have paid to keep it open until the end (which isn't far now).

BoDs are very important to your business, having one that is no longer interested in the biz but their own legal problems has always been deadly to companies.

 

[Anonymous]

1. Imclone:

Jan. 25, 2002 - U.S. Securities and Exchange Commission and the U.S. Justice Department launch probe into ImClone and Waksal.

May 22, 2002 - Samuel Waksal resigns as CEO of ImClone. Samuel's brother Harlan Waksal takes over as CEO.

June 12, 2002 - Samuel Waksal is arrested on charges he illegally acted on inside information in attempting to sell ImClone shares, and tipped family members to do the same.

Comparison to Dendreon:

Sam did not remain on the Board of Directors as someone is claiming. He was in prison 20 days later.

There was an official resignation.

MG never publicly resigned. We have no idea why he is no longer CEO, but there was never an explanation. Shareholders deserved and deserve to know OFFICIALLY why MG is no longer CEO of the company they own. Did he resign? Was he removed? Only thing we know is that it wasn't for cause.

2. Qwest:

April 2002: The SEC makes its investigation formal.

June 16, 2002: Nacchio is forced to resign.

July 10, 2002: Qwest confirms that the U.S. Justice Department is investigating

Comparison to Dendreon:

Once again, a resignation.

MG never publicly resigned. We have no idea why he is no longer CEO, but there was never an explanation. Shareholders deserved and deserve to know OFFICIALLY why MG is no longer CEO of the company they own. Did he resign? Was he removed? Only thing we know is that it wasn't for cause.

Someone in another post claimed he is due his due process and so it is ok to let him remain on the Board of Directors. No one is saying he shouldnt get due process. It has nothing to do with due process. Per company bylaws, his legal fees would still be paid. A voluntary or a forced resignation would be about what is best for the Dendreon brand, cancer patients, employees and investors. When Waksal and Nacchio resigned, they had not yet been indicted. They were a distraction to the company. Those CEO's were looked upon as toxic by employees, shareholders and customers. They did what was in the best interests of the company, shareholders, customers and employees.

Why is the same thing not happening at Dendreon? Someone in another post is claiming this is about one person on the Board of Directors and the Boards of public company's are not important and that its just not a big deal. I have to take issue with that. What is concerning is why he is still here and if that reason might be due to a big cover-up of many people still here. If this is about one person, wouldn't they just fire the guy? They wouldn't be firing the guy claiming his guilt to something. They could fire him for bad performance. People get fired all the time in the real world. Is MG above getting fired? It seems like there is much more to it and this should be concerning to everyone who has a stake in the company. There is just no transparency given to owners of this company about anything. It has been the same for years. For stakeholders to not know what led up to MG no longer being CEO and why he is still on the Board of Directors when he is toxic for the company is just beyond imagination.

It isn't that complicated. It's a Catch 22 for the board of directors. Forcing him out would be an admission they know he committed wrongdoing. A board of directors is in charge of making sure CEO's and executives are acting above board and in the best interests of the company. They are supposed to do this by asking questions, making suggestions, saying no to certain things etc. When a lower level employee commits bad crimes, the board cant be held responsible. The board doesn't even know that person usually or what that person does. In this case, the CEO at the time was the one responsible for acts that were criminal. The board of directors is directly responsible when that happens. Forcing him out would be an admission they know he did something horribly wrong which makes them responsible. Ultimately the same result will occur but some organizations go with the play dumb/denial strategy and most go with the appropriate strategy like the qwest and imclone cases. Would not expect the appropriate strategy from this company. Bunch of low lives in lofty positions here.

 

[Anonymous]

1. Imclone:

Jan. 25, 2002 - U.S. Securities and Exchange Commission and the U.S. Justice Department launch probe into ImClone and Waksal.

May 22, 2002 - Samuel Waksal resigns as CEO of ImClone. Samuel's brother Harlan Waksal takes over as CEO.

June 12, 2002 - Samuel Waksal is arrested on charges he illegally acted on inside information in attempting to sell ImClone shares, and tipped family members to do the same.

Comparison to Dendreon:

Sam did not remain on the Board of Directors as someone is claiming. He was in prison 20 days later.

There was an official resignation.

MG never publicly resigned. We have no idea why he is no longer CEO, but there was never an explanation. Shareholders deserved and deserve to know OFFICIALLY why MG is no longer CEO of the company they own. Did he resign? Was he removed? Only thing we know is that it wasn't for cause.

2. Qwest:

April 2002: The SEC makes its investigation formal.

June 16, 2002: Nacchio is forced to resign.

July 10, 2002: Qwest confirms that the U.S. Justice Department is investigating

Comparison to Dendreon:

Once again, a resignation.

MG never publicly resigned. We have no idea why he is no longer CEO, but there was never an explanation. Shareholders deserved and deserve to know OFFICIALLY why MG is no longer CEO of the company they own. Did he resign? Was he removed? Only thing we know is that it wasn't for cause.

Someone in another post claimed he is due his due process and so it is ok to let him remain on the Board of Directors. No one is saying he shouldnt get due process. It has nothing to do with due process. Per company bylaws, his legal fees would still be paid. A voluntary or a forced resignation would be about what is best for the Dendreon brand, cancer patients, employees and investors. When Waksal and Nacchio resigned, they had not yet been indicted. They were a distraction to the company. Those CEO's were looked upon as toxic by employees, shareholders and customers. They did what was in the best interests of the company, shareholders, customers and employees.

Why is the same thing not happening at Dendreon? Someone in another post is claiming this is about one person on the Board of Directors and the Boards of public company's are not important and that its just not a big deal. I have to take issue with that. What is concerning is why he is still here and if that reason might be due to a big cover-up of many people still here. If this is about one person, wouldn't they just fire the guy? They wouldn't be firing the guy claiming his guilt to something. They could fire him for bad performance. People get fired all the time in the real world. Is MG above getting fired? It seems like there is much more to it and this should be concerning to everyone who has a stake in the company. There is just no transparency given to owners of this company about anything. It has been the same for years. For stakeholders to not know what led up to MG no longer being CEO and why he is still on the Board of Directors when he is toxic for the company is just beyond imagination.

In the last 3 years, when has this company done anything appropriate. They are even botching their own cases by keeping the toxin MG on the board of directors.