I think scrutinizing the company's poor performance, reckless...

I think scrutinizing the company's poor performance, reckless management and excessive expenditure is what's called for and not slinging mud at each other.

What was it that brought about the current predicament shareholders find themselves in ?

Shareholders need to start pointing the finger at those responsible for this disaster demanding better management IMO. 

I'd like to see the directors held accountable and banned from holding any future position in listed companies as a penalty for their impetuous management.