Glass Lewis recommends Enzo Biochem investors vote for Harbert nominees
Harbert Discovery Fund, LP and Harbert Discovery Co-Investment Fund I, LP, the beneficial owners of more than 11.8% of the outstanding shares of Enzo Biochem, nnounced that a leading proxy advisory firm, Glass, Lewis & Co., has recommended that shareholders vote on the BLUE proxy card in support of HDF's two independent nominees, Fabian Blank and Peter Clemens. In its report, Glass Lewis highlighted the need for change at Enzo and the pervasive weakness of the arguments the company has made throughout its campaign: "[W]e are ultimately inclined to conclude Harbert...submits the much stronger fundamental case." Regarding Enzo's lack of strategic and operational progress, Glass Lewis notes that: "We are thus concerned Enzo is more focused on framing the current contest as an existential threat to perpetually unattained value-in-potentia, seemingly in lieu of demonstrating clear cause for continued operational goodwill among investors who have suffered expansive losses during the tenure of the bulk of the existing board." Kenan Lucas, Managing Director and Portfolio Manager of HDF, commented on the report: "We are extremely pleased that Glass Lewis has supported our case for change at Enzo. HDF believes the company's pattern of prioritizing the entrenched status quo over its fiduciary duty to shareholders is no longer acceptable. Our two independent nominees, Fabian Blank and Peter Clemens, will provide the relevant skillsets and expertise required to help realize Enzo's value potential. We look forward to continuing constructive engagement with the Board and management on the path to improvement at Enzo."