The original CEO left a couple years after a company buyout and the company direction has fallen apart. The original product the company was built on is still pretty solid, but they fell behind some other companies in the same industry and have been struggling to keep up. Shifting priorities, scope creep, and inability to commit has paralyzed them and led to several failed projects and the abandonment (or partial abandonment) of some successful ones that their clients still depend on.
The company also has kind of historically been really terrible at managing their employees and their careers. They paid a good 10-15% lower than industry standard for a long time, saying the bonus and their benefits like health insurance (the insurance was admittedly good) made up for that, and were very stingy with promoting people or giving raises. It would take some fresh grads 3 years to get any raise at all. The company is located in Los Angeles county, so the cost of living and taxes are quite high to begin with, making this more of a sticking point.
Just recently, there have been a large wave of layoffs, as well, so the company is no longer as stable as it once was. They expanded really fast in the early part of the 2010s and although the company is still profitable, the results of them rehashing the same things over and over without shipping something remarkable is starting to catch up to them.
