Those guys are trying to extract the value from the company and award it to themselves. They tried once with the APA bid. They are now trying to drive the price down and frighten out the little guys, then take the business private. That is the reason the Board puts up with Alan - he is supposed to make it fail. Borghetti wouldn't agree to do that.
Utter conspiracy theory rubbish!
Alan and the board have employed a strategic direction which they believe will be successful. Unfortunately they are hopelessly incompetent, it's nothing more than that. They will not waver in their own beliefs and just ask a few former senior executives what happens when you question the strategy, even though the strategy is constantly changing. They take a punt on a thought bubble and are forced to double down when it fails.
I have been told that some big funds have been making a lot of money from derivative trading the stock. They make money whether the share price goes up or down and are happy to have the current management who through nothing more than incompetence, maintain volatility in the stock; and volatility creates opportunity for clever people to make a killing.