An investor in the narcolepsy drugmaker Avadel Pharmaceuticals plans to call for shareholders to vote out the company’s entire board of directors, ratcheting up pressure

Editor’s Note: When a big investor calls for a board overhaul, it’s usually a sign things aren’t working behind the scenes. In this case, ASL seems to think Avadel could be more valuable under different leadership—or even as part of another company. For patients and employees, this kind of pressure could mean uncertainty ahead, but it also signals that investors see untapped potential in the business.