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Rockwell Medical shareholders elect activist investor to board


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Rockwell Medical shareholders elect activist investor to board

Rockwell Medical Inc. shareholders voted to elect activist investor Mark Ravich to the company's board, based on preliminary results from the company's June 1 annual meeting.

Activist investors Richmond Brothers Inc. and Tri-Star Management Inc. President Ravich, who together with affiliates beneficially own 11.7% of Rockwell Medical outstanding stock, had urged Rockwell shareholders to vote for Ravich as a board member.

Proxy advisory firms Glass Lewis & Co. and Institutional Shareholder Services Inc. had also recommended that Rockwell shareholders vote for Ravich.

The U.S. District Court for the Eastern District of Michigan, Southern Division recently denied Rockwell's motion for preliminary injunction against the investors to prevent them from seeking shareholder votes in connection with Ravich's election to the board.