Yes, Errare human est. I guess natural selection will take care of companies like this.
If the developer is the CEO, then the investors should be concerned.
ok, maybe :)
But forgeting to secure your admin area deserves more than a simple warning. Can you imagine if the person that discovered the vulnerability decided to delete all the user accounts?
If that's true, the lead developer should be fired on the spot. They use that "good" old "security by obscurity". I thought this technique was dead long ago....