FYI I was speaking with an investor friend of mine who happens to also be invested in Inmed (for 4+ years) - and who has a few other friends who've been invested in Inmed for the same period of time (and happen to hold quite few shares) - and he brought up an interesting point. He said that based on the events that have occurred over the last few years, a case could be made to file a "shareholder derivative action" against Inmed (Adams, other board members and executive directors).
Basically claiming that Inmed and its directors, did the following:
- Executive, manager or board member breach of fiduciary duty
- Corporate insiders acting in their own best interests instead of the company’s best interests
- Wasting of corporate assets
- Executive compensation improprieties (Adams certainly is compensated way more than other CEO's of comparable market cap)
- Directors/officers making decisions that are contrary to the best interests of the shareholders
These are NOT claims of fraud, but rather impropriety which has led to massive destruction of shareholder wealth.
The end goal would be to remove Adams (and certain other directors) and replace them with other much better suited talentwho share the vision as the shareholders. I've always said that I fully support the replacement of Adams and his cronies soI'd be a fan of this for sure. I think most of us are tired of Adams ignoring shareholder calls/emails as well as his massive dilution and blatant shareholder value destruction all while he gets way over compensated to fail at his job.
This is just an idea that apparently has been kicked around (I have no idea if they plan to act on it) and I thought it was interesting and wanted to share since this speaks directly to the frustrations most of us are feeling.