Are there any examples of companies going public at a high valuation, only to go private after massive public shareholder loss?

Curious as I’m looking at NASDAQ:BLCT which went public at $25 a share and successfully went private at $1.54/share or so. Insiders got to sell shares at an inflated value, then the company voted and forced any remaining shareholders to sell at the private offer. In the end, insiders walk away with full ownership and tons of free cash from public markets.

Seems like a really simple and legal way to manipulate public shareholders.