Echo Therapeutics’ largest shareholder sent a letter to the Philadelphia medical device company's stock holders urging them not to re-elect current director and interim-CEO Robert F. Doman to Echo’s board of directors. In its letter to stockholders, New York-based Platinum Management — which has invested $18.6 million in Echo — said it “can no longer sit idly by while stockholders continue to suffer under the direction of the current board.” Platinum Management, which owns about 20 percent of Echo’s common stock, said because of its “continued frustration with the performance of Echo,” it is urging stockholders to elect its candidate, Shepard M Goldberg, to the board.
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