A Michigan court has issued an order stopping Rockwell Medical Inc.'s former CEO and CFO from entering the company's facilities for the next 21 days.
The court's order follows the company filing a request for a temporary restraining order against former CEO Robert Chioini.
Chioini and former CFO Thomas Klema, who were fired from the company, are also not allowed to contact other employees, or vendors and customers; identify themselves as company executives; file any documents with the SEC, or issue press releases on behalf of the company, the Circuit Court for Oakland County said in its order.
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 court's order was a result of the company filing a request for a temporary restraining order against Chioini and Klema.
Rockwell said that the court also ordered the parties to resolve the matter over the 21-day period.
The board has also been asked to not make any material decisions regarding the matter without first informing the court, Rockwell said in an SEC filing.
The company, which makes therapies targeting end-stage renal and chronic kidney diseases, noted that its shares resumed trading on the Nasdaq Global Market, effective May 25. The exchange had halted trading on May 23 requesting additional information from the company.
