Global Cord Blood (NYSE:CO)
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3 Months : From Jul 2019 to Oct 2019
NEW YORK, Aug. 7, 2019 /PRNewswire/ -- The Seiden Group, a law firm headquartered in New York, representing a shareholder group of Global Cord Blood Corporation (NYSE: CO) (the "Company" or "Global Cord") issued a third letter yesterday to Global Cord, which was addressed to the Compensation Committee of the Board of Directors. The letter demanded that the Compensation Committee explain why the current management team is paid millions of dollars each year, as well as close to $50 million dollars in stock compensation, while shareholders are suffering from the weak stock price, which is below CO's IPO price. The letter also requested that the Compensation Committee fulfill its fiduciary obligations by linking executive compensation to shareholder value creation.
In the letter, the shareholder group also urged the Compensation Committee to fulfill its obligation to the Company and its shareholders, as described in its most recent 20-F filed with the SEC, to replace the underperforming executives who have not created shareholder value over the past ten years and hire a new team to lead the Company.
This letter and previous letters and communications concerning the shareholder interests, as well as ongoing litigation in the Cayman Islands involving the Company, can be found at www.ChinaCordFairness.com.
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SOURCE The Seiden Group