I think they had to at least make a disclosure concerning
the presentation errors they did find. And, that disclosure should have been
short and to the point (not prefaced by a long rant against short sellers). I
think he would have had BOD approval but I am a little disappointed that they
did not do a better job of keeping him on message.
Since Remi did not address other allegation with much
specificity we do not know whether they looked and found nothing or just did
not dig that deeply.
If I were one of the independent directors I would be
nervous about the personal relationship (marriage) between Remi and Lindsay
Burns and the close professional relationship between Burns and Wang. It is
possible that these relationships may have short circuited critical internal scrutiny
of early results. But, I also understand that in a small startup company you
have to work with the resources you have.
While browsing the internet for current SAVA articles I came
across the following summary of the case being made by the SAVA skeptics.
I am not in any way endorsing the views in the article so do
not shoot the messenger. I just find it
useful to understand how your opponent thinks.