Rockwell Medical Says Richmond Group-Backed Director Mark Ravich “Failed to Attend” Board Meet

Rockwell Medical (RMTI) said in response to the filing by Richmond Group of an amended Schedule 13D with the SEC Monday it has been “attempting to work constructively” with its new director, Mark Ravich, and the Richmond Group.

Richmond Group was the shareholder that solicited votes for Ravich, adding that Ravich has received the same opportunity to access Rockwell’s corporate information and the same invitations and rights of participation in Rockwell’s Board meetings as all other directors.

“Mr. Ravich failed to attend a properly noticed Board meeting. Mr. Ravich acknowledges that he received no less than two written notices of the meeting and that he communicated with the company less than three hours prior to the meeting; an email was also immediately sent to Mr. Ravich when he failed to show up. Because Mr. Ravich failed to attend the meeting, the Board held another meeting seven business days later specifically for Mr. Ravich and re-visited all of the items that were previously addressed at the meeting Mr. Ravich missed,” the company said, adding that it “is unaware” of any outstanding information requests from Ravich.

The company added that Richmond and Ravich have demanded that Rockwell pay them personally as much as $1.1 million (recently moved to $875,000) if the directors want “peace.”

“The Rockwell board does not believe it is in the best interest of Rockwell or its shareholders for the company to pay Mr. Richmond and Mr. Ravich the $875,000 they are now demanding,” the company said, adding that it denies all of the substantive allegations in Ravich’s counterclaims and continues to believe that the company’s lawsuit against Ravich and the Richmond Group presents a valid claim.

Leave a Comment