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Stock Market & Financial Investment News

News Breaks
June 6, 2014
15:10 EDTECTEProxy firm ISS recommends Echo Therapeutics holders vote the WHITE proxy card
Echo Therapeutics announced that ISS Proxy Advisory Services, a leading independent proxy advisory firm, has recommended to its clients that Echo stockholders vote the WHITE proxy card FOR the Echo Board of Directors' director nominees at Echo's Annual Meeting of Stockholders to be held on June 19. As previously announced, the Platinum Group, a dissident stockholder group led by Platinum Management, is pursuing a proxy contest to elect Shepard M. Goldberg to the Echo Board at Echo's 2014 Annual Meeting in opposition to our highly qualified and very experienced director and Interim CEO, Robert F. Doman. With ISS and Glass Lewis making the same recommendation, both of the leading proxy advisory firms have now advised Echo's stockholders to support the Echo Board's nominees and reject the Platinum Group's nominee, Shepard Goldberg.
News For ECTE From The Last 14 Days
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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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