I know you posted early this morning. Did you mean the accounting term "significant material change"? Frankly, I see no evidence of that. For the last four quarters, management has reported that they are billing over 50 million a quarter and collecting around 20 million a quarter. When they offered a discount to collect larger backlogs of A/R creating a write down; all hell broke free.
Some in the market addressed the problem by selling. Wise people. Unfortunately for the rest, market mechanics took over. It was long overdue and the correction was dramatic to say the least.
Litigation! Litigation! Lawyers are eager to make money when nobody thinks the blame lies with their own oversite. Lick your wounds.
Special commitee's should take time. Long and hard time. For the reason and for a solution for the sake of everyone involved.