Mediocre pay.
Extremely cheap upper management - developers use old, low quality computers with small monitors. After much complaint from the development team, the "solution" was to use RDP sessions to connect to virtual machines on a single shared box.
Non-technical people making technical decisions or imposing technologies on the development team to the detriment of the products.
Very high attrition rates on the team. A member of the development team (of ~10 people) is either added or subtracted at least once a month. Sometimes these are contractors who were sold as being a member of the team "indefinitely" and sometimes they are full-time employees.
Upper management has a clear lack of direction. Weeks will be spent planning for a new product, when abruptly, everything is thrown away to start developing a different product.
Critical product development is outsourced to overseas contractors.