A major investor in Avadel Pharmaceuticals, ASL Strategic Value Fund, is pushing for a complete board shakeup, arguing the narcolepsy drugmaker should explore selling the company. They want Avadel to bring in investment bankers to weigh options—escalating tensions between shareholders and leadership.

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.