Activist investor Shah Capital, which owns 6.7% of Novavax’s stock, has claimed that the vaccine developer has been “historically mismanaged” as the firm tries to install new members onto the biotech’s board.

Shah Capital said that for more than a year it has tried to address “self-inflicted problems which have undermined the success and sustainability of the company,” according to an April 15 public letter. The investor also claimed that Novavax’s board has been unresponsive to those efforts.

The firm also argued that Novavax’s stock is “now trading at a near record low.” The biotech’s shares are currently trading at $4.22 on Monday morning, above the $3.50 mark they sunk to in February, but far below the $200 plus realms the stock was floating in at the height of the pandemic.