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This is just an example of a phenomenon we see from time to time: a company manages to go public when there's no logical reason for institutional investors to buy into it. These companies typically raise a few million bucks and then, in agonizing slow-motion, fizzle out of existence.
Here are a few other technology names that fit the bill, off the top of my head: Catalyst, HiFn, LogicVision, ParkerVision, Patriot Scientific, Staktek (now Entorian), and Zilog (the 2003 IPO, not the original), to name a few.
The big question, of course, is what can investors do to avoid disasters like these?
