Platinum Delivers Letter To Echo Therapeutics, Inc. Demanding To Inspect
Certain Books And Records Under Delaware Law
Seeks Information Relating to Possible Mismanagement, Breaches of Fiduciary
Duty and Wrongdoing by Officers and Directors
Calls For an End to the No-Accountability Era at Echo
NEW YORK, July 23, 2014
NEW YORK, July 23, 2014 /PRNewswire/ --An affiliate of Platinum Management
(NY) LLC ("Platinum") has delivered a letter to Echo pursuant to Section 220
of the Delaware General Corporation Law demanding to inspect certain books and
records of Echo Therapeutics, Inc. ("Echo" or the "Company") (NASDAQ: ECTE)
relating to possible mismanagement, breaches of fiduciary duty and wrongdoing
by, among others, members of the Board and the Company's current interim CEO,
Kimberly A. Burke. Platinum, together with certain of its affiliates, is the
largest stockholder of the Company owning approximately 30% of the outstanding
Common Stock on a fully converted basis.
Echo's response to this demand for documents is due on or before July 30,
Mark Nordlicht, Managing Member, Chief Executive Officer and Chief Investment
Officer of Platinum, stated: "For far too long stockholders have suffered
under the leadership of the Vincent D. Enright, William F. Grieco and James F.
Smith. Now, to make matters worse, it has come to our attention that these
same("Lingering Directors"), together with certain employees of the Company,
may have been involved in or have knowledge of troubling conduct. The
Lingering Directors and members of management must understand that Platinum
intends to investigate past and current conduct and to hold them fully
accountable for their actions."
Platinum Management (NY) LLC
Uri Landesman, President
SOURCE Platinum Management (NY) LLC
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