Judge Rules Aetrium's Incumbent Directors Violated Minnesota Law; New Vote to
NEW YORK, Dec. 20, 2012 (GLOBE NEWSWIRE) -- Jeffrey E. Eberwein, Chairman and
spokesman for Concerned Aetrium Shareholders ("CAS", "we", or "us"), would
like to provide the following update to the shareholders of Aetrium
Incorporated ("Aetrium", "ATRM", or the "Company") (Nasdaq:ATRM) regarding the
Honorable Judge Guthmann's ruling on December 18, 2012.
As mentioned in our press release issued on December 10, approximately 55% of
all shares outstanding were submitted to vote in a special shareholders
meeting that was to be conducted on December 10. We received approximately 85%
of these votes.Despite this overwhelming vote margin, our nominees were not
seated because ATRM's Incumbent Directors (the "Incumbents") broke Minnesota
state law by changing ATRM's bylaws which prevented the votes from being
counted.Because of this, we were forced to file suit against Aetrium and its
Incumbent Directors for violating shareholders' rights.
The Honorable Judge John Guthmann of the Ramsey County District Court heard
our case on December 18 and ruled that the Incumbents' bylaw change violated
Minnesota state law because it improperly denied shareholders of their right
to remove Aetrium directors.Judge Guthmann did not grant the injunction that
we requested because he found that a second, new special meeting was available
to vindicate the ATRM shareholders' rights.Judge Guthmann warned the
Incumbents not to interfere with this meeting.Accordingly, we have today
called for a second special shareholders meeting.
While we find it unfortunate that we have to hold another election in order to
be seated as your duly elected directors, it is the only way forward for the
will of the shareholders to be enforced.We have therefore requested a new
special shareholders meeting contemplated by Judge Guthmann.ATRM has 30 days
to schedule this meeting and the meeting must be held no later than March 21,
2013.Because all the issues are known and have already been thoroughly
considered by ATRM's shareholders, we call on ATRM to schedule this meeting
much sooner than March 21, 2013.We further call on ATRM's Incumbent Directors
to make no further changes to ATRM's bylaws and to take no further actions
that harm ATRM's shareholders and violate their rights.ATRM's shareholders
would like to see a fair vote where the director nominees with the most votes
get seated as the Company's new directors.
CONTACT: Jeff Eberwein
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