Not true.

"Him putting shares into his own pocket may not be right but it is his right"

PQ has a fiduciary duty to ALL of the stockholders, not just his family. Just because he and his family have enough shares to control the company does not mean that they have the right to continue to award themselves enough shares to maintain control despite the dilution necessary to fund needed operations. No more than they would have the right to liquidate the company and award themselves the money. There has to be a legitimate justification for awarding those shares, and I don't think the underwhelming underperformance of the company (based on their own stated objectives and timelines) qualifies.