Reason for the PanicFrom the news release, "In connection with a personal health issue, Mr. Bradley Bardua is no longer with the Company and the Company wishes him well."
If Mr. Bardua was simply sick, he would be on paid sick leave.
Since he is no longer with the company (i.e. most likely terminated with cause), investors have assumed that his "health issue" severely impacted his ability to perform his required duties. And with the news coming one day ahead of the earnings release, investors are suspecting that it will contain some pretty bad news.
It is not a pretty sight when a high flyer stumbles.
And it doesn't help when the stock price has been trending down since mod February.
I suspect the November gap will be filled today or tomorrow.