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Stock Market & Financial Investment News

News Breaks
May 22, 2014
07:52 EDTECTEEcho Therapeutics sends letter to stockholders questioning Platinum Group agenda
In the letter, Echo Tehrapeutics said, "We do not believe that the Platinum Group has disclosed its true agenda in pursuing its costly and distracting proxy contest seeking to have Shepard M. Goldberg elected to the Echo Board of Directors, a nominee that your Board has previously interviewed and determined did not meet its criteria for membership on your Board. Mr. Goldberg is the first cousin and a longtime business associate of Michael M. Goldberg, M.D., Platinum's current designee to the Echo Board. Among other things, your Board considered that the majority of Mr. Goldberg's career had been spent at a privately-held swimming pool products company, that the only public company board experience that Mr. Goldberg had was at companies where either Michael Goldberg or Platinum was an investor, and the potential effect of Mr. Goldberg's familial relationship with Michael Goldberg as well as his past and present professional relationships with him and with Platinum on his ability to represent the interests of Echo and all of its stockholders. Mr. Goldberg also failed to respond to a request from the Echo Board requesting information on how he would address potential conflicts of interests with Platinum and Michael Goldberg."
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July 11, 2014
07:40 EDTECTEEcho Therapeutics holder Platinum calls for meeting, demands resignations
Platinum Management, the largest stockholder of Echo Therapeutics owning approximately 20% of the company's outstanding common stock, sent a letter to the company exercising Platinum's contractual right under the December 10, 2013 stock purchase agreement between Platinum and the company to cause Echo to call a meeting of stockholders to vote to lift the "blockers" limiting Platinum's voting power. If the stockholders vote in favor of lifting the blockers, Platinum would wind up with the power to vote approximately 30.34 % of the company's shares, based on current publicly available information. Platinum said, "the inexplicable and damaging recent conduct by directors Vincent D. Enright, William F. Grieco and James F. Smith leads Platinum to believe that future action to remove the Lingering Directors for cause is likely necessary...Platinum believes that a qualified new CEO should be hired without delay and added to the Board as a Director. Platinum asked that this action to be taken in a public letter to stockholders nearly a year ago but were rebuffed by the Lingering Directors until recently...We now have no choice but to demand publicly the immediate resignations of Messrs. Enright, Smith and Greico from the Board, and to prepare for a future in which stockholders may need to remove those entrenched directors for cause if they refuse to do the obviously right thing."

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