NEW YORK, July 23, 2014 /PRNewswire/ -- An affiliate of Platinum Management (NY) LLC ("Platinum") has delivered a letter to Echo pursuant to Section 220 of the Delaware General Corporation Law demanding to inspect certain books and records of Echo Therapeutics, Inc. ("Echo" or the "Company") (NASDAQ: ECTE) relating to possible mismanagement, breaches of fiduciary duty and wrongdoing by, among others, members of the Board and the Company's current interim CEO, Kimberly A. Burke. Platinum, together with certain of its affiliates, is the largest stockholder of the Company owning approximately 30% of the outstanding Common Stock on a fully converted basis.
Echo's response to this demand for documents is due on or before July 30, 2014.
Mark Nordlicht, Managing Member, Chief Executive Officer and Chief Investment Officer of Platinum, stated: "For far too long stockholders have suffered under the leadership of the Vincent D. Enright,
William F. Grieco and
James F. Smith. Now, to make matters worse, it has come to our attention that these same ("Lingering Directors"), together with certain employees of the Company, may have been involved in or have knowledge of troubling conduct. The Lingering Directors and members of management must understand that Platinum intends to investigate past and current conduct and to hold them fully accountable for their actions."
Contacts: Media: Platinum Management (NY) LLC Uri Landesman, President212-582-2222
SOURCE Platinum Management (NY) LLC