Richmond Brothers, Ravich issue letter to Rockwell shareholders
Richmond Brothers and Mark Ravich, who together with their affiliates beneficially own over 6.1 million shares, or 11.8%, of the Rockwell Medical's outstanding common stock, sent a letter to Rockwell shareholders outlining the case for electing Mark Ravich to the board at the upcoming annual meeting of shareholders to be held on June 1. The letter said, "We believe - based on the outpouring of support we have received so far - that many of you share our long-standing frustrations with Rockwell Medical's failed execution and continued poor performance. The list of failures and problems at Rockwell is long - including the failure to monetize two approved and promising drugs, abysmal corporate governance practices, egregious executive compensation practices, a complete lack of regard for shareholder concerns, disinterest in communicating with shareholders and the market, and perhaps most importantly, a lack of independent oversight. The question you face now is who is best-positioned to deliver the change that Rockwell sorely needs. In our view, Mark Ravich is the clear choice. He is independent, has relevant investment and board experience, and is personally invested in the company...The bottom line is that shareholders need a voice in Rockwell's boardroom so that shareholders' best interests are put first and foremost and there is proper oversight of the company's management. That is the only way, in our view, that Rockwell's underperformance can be corrected and excessive executive compensation can be reined in...We urge you to support the change Rockwell desperately needs and vote the blue proxy card to elect Mark Ravich to the Board."