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Rockwell Medical files restraining order against former CEO

Rockwell Medical Inc. said it has filed a complaint in a Michigan court seeking a temporary restraining order against its fired CEO Robert Chioini.

The Wixom, Mich.-based biopharmaceutical company is embroiled in a proxy battle with its former CEO who claims that his termination was not effective.

The complaint, filed in the Oakland County Circuit Court in Michigan, seeks "declaratory relief and a temporary restraining order, enjoining Mr. Chioini from certain actions with respect to the company, including holding himself out as CEO," said the company.

The hearing is scheduled for 9:00 a.m. ET on May 25.

The company, which makes therapies targeting end-stage renal and chronic kidney diseases, acknowledged it had received a shareholder demand letter which raised questions about some directors violating fiduciary duties. Rockwell said it intends to "review the allegations in the ordinary course of business."

In addition, the company said that the removal of Thomas Klema as CFO "will be formally voted upon at the earliest practicable date." Klema was removed in connection with the termination of Chioini.

Furthermore, Rockwell noted that its shares will resume trading on the Nasdaq from 7:15 ET on May 25. The exchange had halted trading on May 23 requesting additional information from the company.