An affiliate of Philadelphia's Echo Therapeutics' largest stockholder has filed a lawsuit against the medical device company claiming it refused to provide documents that the company requested.
The affiliate of Platinum Management, which owns about 30 percent of Echo’s outstanding common stock, said it requested “certain books and records of the company under Section 220 of the Delaware General Corporation Law” as part of its probe into “possible mismanagement, breaches of fiduciary duty and wrongdoing” by members of Echo’s management and the company’s board of directors. (Platinum Management didn't disclose the name of the affiliate company.)
“We had no choice but to file suit to enforce our statutory rights,” said Mark Nordlicht, CEO and chief investment officer of Platinum, a New York-based investment firm. Read more about this story on PBJ.com.
