This would have been a MUCH better link!

https://www.prnewswire.com/news-releases/ronin-trading-and-sw-investment-management-issue-letter-to-stockholders-of-peregrine-pharmaceuticals-300487810.html#

 Skip to this bit.....

"Poor Corporate Governance Is to Blame – Changes Must Be Made

In our opinion, underpinning Peregrine's extreme losses, dilution, and stockholder value destruction are Peregrine's three independent directors, Eric S. Swartz, Carlton M. Johnson and David H. Pohl, who we believe are primarily responsible for Peregrine's problems. With little-to-no interest alignment with stockholders, no experience with contract manufacturing, track records of enormous stockholder losses and questionable public company dealings outside of Peregrine, we do not believe it is appropriate for these individuals to continue serving as directors of Peregrine."

Then read on.