Dennis Carlo: Another Case of Founder's Syndrome 

by Reza Ganjavi


Dr. Carlo

Your desperate hanging to the CEO position is what's killing this company. Wake Up! You have a fiduciary responsibility to shareholders. It won't be very pleasant to get kicked out by your own board, you sucker. LET GO. You can't do it. What's it going to take for you to realize you're destroying this company and you don't see it b/c you seem to be mentally myopic and in delusion that you can do what you can't do. Look at your history / record and how you've destroyed shareholder value. Your line that sales will save you is 100% bullshit!

Sick of CEOs like you, destroying shareholder value and not letting a CEO with competence in BUILDING shareholder value run the company. WAKE UP! Do it today. Announce you're stepping down as CEO and see how the investment community will rejoice.

Reza Ganjavi


Another weak news release, exhibiting weak approach of a CEO who's been a disaster for shareholders. I'll start buying as soon as the CEO steps down. He's the biggest overhang for the stock.

UPDATE 12-Dec-2019

I DUMPED by ADMP when I realized it's "infected" with Founder's Syndrome. I made a small profit and a good lesson to NEVER invest in a company without first evaluating the CEO and making sure there's no Founder Syndrome which cripples many good companies. ADMP tanked after I sold -- it lost 50% of its value -- because of a hiccup at FDA which I believe would have been prevented if the company had a better CEO.

I'm done with ADMP. Even if it gets approval, as long as Dr. Carlo is a CEO I'm not touching the stock.

For a change of mood check out this great video and don't forget to subscribe.

UPDATE 26-Nov-2019

Letter to Dennis Carlo, CEO of Adamis. 


Dr. Carlo

The finger you're pointing OUT THERE to FDA etc., should be pointed inward. The problem is YOU and not willing to let go and have professional management with formal business and management education run the company. Your hack job has cost shareholders a lot of money over the years. Time to step down and give up the salary you don't deserve and your attachment which is killing Adamis. Stick to your science. Step aside. There's still a chance to save this company despite your disastrous management as a CEO for shareholder value.

And you think all these people who've been telling you what you ignore for a long time will be proven wrong by actual sales, a clueless idea which further proves my point. LET GO. Give up. Retire. Let Adamis breath and thrive WITHOUT you at the helm.


R. Ganjavi


UPDATE 25-Nov-2019

Sorry for my ADMP friends. Blame the CEO for the company's misfortunes. The buck stops at the top.

I sold my shares a few days ago at breakeven point (made $190 or so). My mistake was not to check out the CEO before buying. After I sold the stock went way up but today it got tanked because of negative FDA news (CRL instead of approval).

The problem with Adamis is Dr. Carlo in CEO role. He likes to blame the FDA but the problem is him. Dr. Carlo you should resign. I'm no longer a shareholder so I don't care if you do or not but you really should. I urge long term holders to lobby to get the board to fire Dr. Carlo from his CEO position, and keep him as a good scientist which he is. Disaster of a CEO as measured by his track record of consistently eroding shareholder value.

If you want a company with good management, look at $FOMX. In this video I discuss why:

UPDATE 14-Nov-2019

Stock seems to have bottomed after the earnings call. Someone keeps buying $2.50 call options for the following months. If there's leakage from FDA (wouldn't be first time, think ARNA 2010), it's a positive sign since FDA approval of their second drug based on existing approved platform is expected anytime.

ADMP's problem is the CEO's attachment to his power seat. I wrote about it here and will formulate a full article or video on Founders Syndrome. Pain we went through with Jack Lief is priceless model. CEO is sure the company will have good sales and be profitable (sales already ramped up last quarter) but I guess he sucks at alliance management, winning Wall Street trust, etc.

Here are some emails:


Dear Adamis Executive Management

If any of you get my point, please try to convey it to the boss, Dr. Carlo, and help him wake up from his delusional myopic dream that just because he founded the company -- despite his total lack of formal education in business and management,  he should hang on to his  "baby" and thus, prevent it  from being run by professional management who understand management science and  so many aspects  of  it as it directly pertains to Adamis which Dr. Carlo seems to beineffective at, to put it mildly.

Adamis has good science and obviously good people work there. Dr. Carlo himself is a tremendous asset but just as  you wouldn't let a grocer do knee surgery, he needs to let  to LET GO of his baby and his egotistic, selfish attachment for the benefit of the baby.  

This is a classic case of Founders Syndrome, in so very many ways.

I have laid this out in detail for a presentation to Dr. Carlo but he's ignored my  email so far. I hope to hear from him. Next steps will be the Board and litigation if need be.

Here are a few notes I sent in, just to convey  the point -- but I have a  well organized presentation that elaborates on this  very serious problem and overhang on the stock.  I believe Dr. Carlo's Founders  Syndrome is the single biggest overhang on the stock. Some reasons are discussed here:


Reza Ganjavi, MBA



When are you going to get a competent CEO who has business economics and management education and aptitude? When is Dr. Carlo going to step aside as a CEO and let a CEO who understands what it means to "build shareholder value" and can execute. Current CEO has been burning through a ton of cash while consistently failing shareholders as evidenced by constant destruction of shareholder value measured by company value.


Believing a company is undervalued when you do not understand what shareholder value means has no significance. That requires understanding basic Business School concepts which Dr. Carlo never went to.

Demand for shares is not only a function of sales Dr. Carlo. You have that VERY VERY VERY WRONG because you have shown to be unfit to serve as a CEO as measured by change in shareholder value (destruction of which under your watch). 

Demand for shares of a company is directly correlated to trust in the CEO. Despite your road show etc etc you have failed to attract institutional interest  beyond 12%. This is another FAILURE. WAKE UP DR. CARLO.

Institutions look forward and don't valuate a company based on actual sales. This is another fact that shows how WRONG you are because you don't get it. You have lots of patents in medicine, but you need to step aside as CEO. You're ruinning this company's value. Do you know how to calculate the value? That is your grade card. And it's a BIG FAT "F".  Your delusions are the biggest overhang on this stock. Good science is blocked by your ego and attachment and delusion that you can do what you obviously cannot do. When will you step aside?

$ADMP 2 Questions Sent:

$ADMP Good science. Terrible CEO who has no clue about building shareholder value. He's dead wrong on valuation depending on actual sales. No education in management / business / economics. Management is a science.



Today's press release, aside from having punctuation errors, gives me the following opinions / impressions:

1) Incompetent alliance management

2) Utterly incompetent management regarding shareholder value and not having a clue about basic concepts taught at Business Schools -- and what it means to build shareholder value -- and is stuck in a delusion that techies often fall into: that we do the right technical things and everything will take  care of itself. WRONG.

Dr. Carlo, you have a  lot of options. For God's sake, for shareholder's sake, WAKE UP  and realize how you've apparently been running this company into the ground by not having the right qualifications to be a CEO. Your 22 patents are great but you have no formal management or business or economics education.

Yet,  you're  making a  TON of money off shareholders funding your dreams, which is not the role of shareholders. It's your role and duty to build shareholder wealth, to make shareholder money grow, and not the other way around: shareholder value shrinking as you make a ton of money and not doing your job of building shareholder value.

Your options will be worth a lot if you step aside. The best gift you can give to shareholders is an announcement TODAY in the conference call that you're looking to step aside as CEO. The stock will rally -- I promise you.

The alternative is eventual bankruptcy, and probably before that, you getting fired in an unpleasant way as has happened to other CEOs suffering from "Founders Syndrome".

R. Ganjavi

LETTER 12-Nov-2019 [SAFE HARBOR...]

To: Mark Flather & Dennis Carlo  @Adamispharma


I emailed to see if this is Dr. Carlo's correct email address. Also left a message for him. No response. Also left a message for you. No response.

Please convey to Dr. Carlo, regarding today's conference call and press release, what Safe Harbor Provision is. Reviewing past communications it seems that Dr. Carlo is scared of promoting the company and effectively using Safe Harbor which allows management to make forward looking statements in promoting a company truthfully and in good faith.

No guts no glory.

"No Guts" is a typical aspect of what Adamis is deeply suffering from: Founders Syndrome,  which is the number one overhang for the stock in my opinion (having dealt extensively with Founders Syndrome topic before).

There are many  other aspects of this and  Dr. Carlo needs to choose between delivering to his fiduciary duties and charter of building shareholder value, or his ego, attachment, and so many problems associated with that which blocks the company from being in hand of capable management, competent in critical talents and formal education in management and business (which Dr. Calro does not have) as it pertains to building shareholder value.

Dr. Carlo should remain with the company  as a scientific advisor and let a younger,  energetic CEO with an MBA, solid experience in building  shareholder value, business, communication, marketing, promotion, alliance management, etc. -- all areas which in my opinion Dr. Carlo  is lagging. He's a great scientist but a failure as a CEO, in my opinion  and the proof is, if you invested $10,000 in Dr. Carlo's venture in 2006, it'd be around $47 today.

Please confirm his correct  email as I  need to share a very important  communication with him.

Reminder: this  is a public company and  not a  private club, and management work for shareholders. Adamis appears to have been operating in a modus operandi of treating shareholders as ATM machines (again, typical of F.S.), making a lot of effort but not delivering results.  Soon enough will be enough and management will have to face the consequences of its terrible performance and be accountable to shareholders.

The  institutional number being  so  low  is another sign of utter failure of this management  team.

I am still waiting for you to call me back Mark. I have some important questions for you.

Thanks & Regards
Reza Ganjavi

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