Formerly-Mismanaged
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Alleged former THQ staffer sends furious note to board, press
An anonymous letter sent to media and THQ's board of directors, allegedly written by a former employee of THQ, rains fire on the company's management and, specifically, CEO Brian Farrell. The letter arrives the same day as THQ announces another strategic realignment, a little over a week after the company had to spin a major cancellation rumor and over a month after THQ's stock dropped below $1."It is to the point where having [THQ] on your resume is not a point in your favor. And that shouldn't be the case," the "Formerly Mismanaged" writes. "I'm/We're sending this note anonymously because some of us are still awaiting final checks and others know how little corporations like employees who air their dirty laundry. We feel the need to say something to combat the partial misinformation being written."The Formerly Mismanaged lays out its belief that the beginning of the end came when the cash rich company went on an acquisition spree years ago, allegedly "with no plan" -- many of those studios have since been shuttered or sold off. Then came what the accuser(s) call bad licensing deals and the most recent business miscalculation with the uDraw tablet, which caused the company to lower its fiscal outlook for the year.The scope of THQ's problems is expected to come into slightly better focus when it announces its current financial position on February 2. Wedbush Morgan Financial Analyst Michael Pachter has pointed out he believes THQ will generate a "substantial loss" at the end of its fiscal year and that "THQ is at risk of running out of cash by the June 2012 quarter."You can read the entire letter by "The Formerly Mismanaged" after the break.
