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Stock Market & Financial Investment News

News Breaks
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."
News For ECTE From The Last 14 Days
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March 31, 2015
11:04 EDTECTEEcho Therapeutics files to delay Form 10-K
Due to the departure of senior management, and the resignation of the company's auditors in December 2014, and the hiring of a new CEO and CFO in late December 2014, an immediate and necessary corporate relocation from Philadelphia, a rehiring of critical research personnel in Massachusetts as well as sourcing and hiring of new auditors in February 2015, the company will be unable to finalize and file its annual report on Form 10-K by March 31 without unreasonable effort or expense. The company intends to file such report no later than fifteen days after its original prescribed due date.

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