Platinum Management said this week it has informed the board of Echo Therapeutics that it intends to seek the return of its $5 million investment in the Philadelphia medical device company, under the terms of its December 2010 securities purchase agreement.
In its letter, Platinum Management — a New York-based investment management firm and Echo’s largest stockholder — states it believes Echo “entered into the contract in bad faith with no intention of performing its obligations or using the funds for the intended purposes.”
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