Another Director Resigns From Echo Therapeutics: Where Are The Press Releases?? The author of this article has a short position in ECTE
Things appear to be getting worse for Echo Therapeutics (ECTE). Late yesterday the company disclosed in an 8k that Dr. Elazer Edelman had resigned from its Board of Directors. This news is somewhat surprising because Dr. Edelman had joined the Board only 9 month earlier. When he joined the Board, the company issued a press release announcing his appointment and highlighting his qualifications. We can only wonder why the company did not issue a press release disclosing Dr. Edelman’s resignation…perhaps it’s the same reason the company recently did not issue a press release disclosing that its President/CEO/Director had left the company and that the company had borrowed $250k at a staggering 18% interest rate.
We think it is disappointing that the company doesn’t issue press releases regarding such important information and instead discloses the information only in SEC filing which, we believe, many of the company’s shareholders often do not read.
For those of you unfamiliar with ECTE and one of its largest investors, Platinum Partners (a hedge fund which reportedly was raided by the government and is liquidating), feel free to read our previous stories which were bearish on the company’s stock price.