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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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September 29, 2014
15:52 EDTECTEEcho Therapeutics holder calls for special meeting, seeks board member removal
Platinum Management, the largest stockholder of Echo Therapeutics, together with its affiliates owning approximately 30% of Echo's outstanding common stock on a fully converted basis, announced that it intends to file the documents required to demand a special meeting of stockholders of Echo to remove, for cause, directors William Grieco, Vincent Enright and James Smith. Platinum is not seeking control of the board.
September 24, 2014
17:34 EDTECTEEcho cut 70% of workforce, may see added cost from job cuts, bankruptcy possible
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09:28 EDTECTEPlatinum Management say financing deal for Echo Therapeutics negotiated
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September 23, 2014
19:34 EDTECTEEcho Therapeutics down 47% after hours following suspension of operations
18:42 EDTECTEEcho Therapeutics suspends operations to conserve liquidity
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September 21, 2014
13:26 EDTECTEEcho Therapeutics to host business news update conference call
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September 18, 2014
14:57 EDTECTEEcho Therapeutics Chief Compliance Officer Kimberly Burke to resign
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12:44 EDTECTEEcho Therapeutics trading halted, pending news
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