Roumell Asset Management Sends Letter to Enzo Biochem On Co-Founder’s Resignation – CorpGov
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Roumell Asset Management Sends Letter to Enzo Biochem On Co-Founder’s Resignation
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Roumell Asset Management Sends Letter to Enzo Biochem On Co-Founder’s Resignation

By Jarrett Banks

Roumell Asset Management LLC filed an amended 13D on Enzo Biochem Inc. expressing its disapproval that the company hasn’t accepted Co-Founder Elazar Rabbani’s board resignation.

Enzo Biochem, Inc., founded in the 1970s, has frustrated investors with a poor operational and share-price performance over the last several years. CorpGov has covered the story extensively.

“Shareholders demonstrated their clear disapproval with the performance and leadership” by refusing to vote for Rabbani’s reelection to the board, the letter said.

Roumell reported a 6% stake in the filing. A previous 13D/A filed on Jan. 15, 2021 showed a 5.8% stake. Enzo didn’t respond to a request for comment from CorpGov.

“Currently, certain lawmakers in Georgia cannot seem to accept that their preferred candidate in last year’s presidential election lost, fair and square,” the letter said. “Similar to these Georgian politicians, you simply cannot accept that your candidate lost, fair and square.”

The letter was sent to Mary Tagliaferri, Ian Walters, Rebecca Fischer and Dov Perlysky, in their capacity as non-executive independent directors of the Issuer.

By refusing to accept the resignation of Rabbani, an incumbent director who failed to receive a majority of the votes cast at the Annual Meeting held on January 4, 2021, the members of the Board acted against the will of the Issuer’s shareholders and did not fulfill their duties as stewards of shareholder interests, the letter said.

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