SFBC Parts With Miami Chief

By then, Windley already had wound up burned by his faith in current management. Indeed, he admitted as much when hoping for some decisive action in Miami.

"I am guilty of not recognizing the longer turnaround for Miami, in particular," confessed Windley, whose firm has received non-investment banking business from SFBC in the past 12 months. "Even as 4Q results and guidance took longer than expected to produce in March, the guidance at that time clearly, clearly was too optimistic. ... While we are encouraged by [management] comments, it's probably prudent to err on the side of cautious optimism."

That said, Windley still recommends buying the stock even today.

"SFCC is too cheap to abandon," he insisted last month, with the stock approaching $16. "This is a rare 'value' story in the [contract research organization] space."