THANK GOD JACK LIEF WAS FORCED TO RETIRE (in other words, FIRED!). He was one hell of a lousy CEO for Arena as measured by shareholder value.

Among his screwups included putting Cindy McGee as global VP of Alliance Management whilst she had ZERO experience in that prior to joining Arena and at Arena she was in IR. Another major screwup of Jack Lief was putting Craig Audet to lead Arena's IR. Craig Audet had ZERO experience in IR leadership prior to joining Arena. Consequences of such decisions were to be expected.

Jack was caught in what appears to be a classic case of "Founder's Syndrome", ego, gutless attitude towards defending the company against disparagement, absolutely terrible promotion/IR/Public-Relations, no fighting back bone, alleged selective disclosure, terrible role assignments, and a whole array of mismanagement issues. And to top it off the scum sold shares at absolutely the worst time for the stock which initiated a big decline.

After Amit Munshi came a number of other members of the Jack Lief team were let go. Unfortunately Steven Spector is still there. He brings back bad memories of the days of Jack Lief and his lousy performance. Spector has been with Arena since 2001 -- take a look at change in shareholder value since 2001.

A number of other board members who are old timers and very much part of Jack Lief's terrible legacy are still there as well. They should resign.

Jack Lief's Projections for 2015 vs. Reality

“This year is shaping up to be a especially interesting year for Arena -- this presentation will illustrate our clear focus on building shareholder value.” Jack Lief, January 14th, 2015 at J.P. Morgan Healthcare Conference [$6.13]

”As investors and people will see this year we're basically with our pipeline advancing into phase 2 programs we're basically a completely different company than we were viewed as last year… The demand for exciting new drugs is SUBSTANTIAL (with emphasis) in the market. We've seen that since we announced 334 data - we have interest in all of our pipeline products with other companies.“ Jack Lief, February 24, 2015, RBC Capital Markets [$4.74]

”We are optimistic about opportunities to create additional value, both through continued growth in BELVIQ sales and through our development programs. We believe the intrinsic value of our development program assets will increase significantly in 2015, as we advance our candidates in multiple late-stage clinical trials, file an NDA for our QD lorcaserin formulation and report additional clinical data...” Jack Lief, March 2, 2015, Earnings Call [$4.50]

"So by the end of next year, based on our current expectations for patient accruals, we expect to have readouts on five programs associated with different diseases, anything from pulmonary artery hypertension to ulcerative colitis, looking at thrombosis, looking at pain and looking at psychosis. So, all of these are really addressing unmet medical needs." Jack Lief, September 9, 2015 Wells Fargo Healthcare Conference

"there are a number of other markets that are expected to launch in the not too distant future and that’s going to help prescriptions as well." Jack Lief, September 9, 2015 Wells Fargo Healthcare Conference

2015 closing price of ARNA: $1.90 and needless to say most of those predictions of that scum did not come true. In other words, he fed investors horse manure, and the only people who did real well were those who bet against him.


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