JACKSON, Mich. & ST. LOUIS PARK, Minn.--(BUSINESS WIRE)--
Richmond Brothers, Inc., a Michigan-based SEC registered investment advisor and wealth management firm that is the largest beneficial owner of Rockwell Medical, Inc. (NASDAQ: RMTI) (“Rockwell” or the “Company”), and Mark H. Ravich, who together with their affiliates beneficially own over 6.1 million shares, or 11.8% of the Company’s outstanding common stock, have issued a presentation outlining the case for change at Rockwell. The presentation is available at http://www.richmondbrothers.com/images/uploads/RMTI_ISS_Deck_-5-4-17.pdf.
In the presentation, Rockwell’s series of failures are addressed, including:
- Sustained underperformance, evidenced by Rockwell’s share price being down 52.5% over the past 3 years1
- Poor execution strategy, resulting in failure to monetize promising drugs, with no material sales of Triferic or Calcitriol even after receiving approval to go to market several years ago2
- A disconnect between leadership and shareholders, demonstrated by broken promises and unrealistic guidance around the timeline of commercial launches for Triferic and Calcitriol; in addition to an unwillingness to accept questions on quarterly earnings calls
- Egregious executive compensation practices, exhibiting disinterest for shareholder concerns, as Chairman and CEO Robert Chioini’s pay equaled 5.49 and 4.61 times the median of Rockwell’s peers in 2014 and 2015, respectively3
- Boundless corporate governance flaws including an entrenched & staggered Board with shareholder unfriendly practices
“Now is the time for change at Rockwell. While the Company claims to have taken steps to adjust its compensation plan and has announced certain corporate governance ‘enhancements,’ we believe these actions were clearly motivated by our public involvement and are, in our view, not likely to affect the meaningful change desperately needed at Rockwell,” said David S. Richmond, Chairman of Richmond Brothers, Inc., and Mark H. Ravich. They continued, “It is time for shareholders’ best interests to become a priority at Rockwell. We urge shareholders to vote for our highly-qualified nominee, Mark H. Ravich, who upon election to the Board would seek to develop a fair compensation plan, increase the lines of communication between management and shareholders, and help refresh the Board with individuals who have the experience and skills to lead Rockwell towards a successful future.”
IT IS TIME TO HOLD THE ROCKWELL BOARD ACCOUNTABLE
VOTE THE BLUE PROXY CARD TO ELECT MARK H. RAVICH TODAY
If you have any questions, or require assistance with your vote, please contact Saratoga Proxy Consulting LLC, toll- free at (888) 368-0379, call direct at (212) 257-1311 or email: [email protected]
For more information, and to see other communications and filings from Richmond Brothers and Mark H. Ravich, visit this link: http://www.richmondbrothers.com/time-for-action-at-rmti.
About Richmond Brothers, Inc.
Richmond Brothers, Inc. is an SEC registered investment advisor and wealth management firm founded in 1994.
About Mark H. Ravich
Mark H. Ravich is a private investor and currently serves as President of Tri-Star Management, Inc., a commercial real estate management and syndication company that he co-founded in 1998.
1 Calculated as of 2/20/17, the day prior to Richmond
Brothers’ public involvement
2 Over two years since the
approval of Triferic and more than three years since the approval of
Calcitriol
3 ISS reports for Rockwell’s 2015 and 2016
annual meetings
View source version on businesswire.com: http://www.businesswire.com/news/home/20170505005500/en/
