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Concerned Shareholders of First Choice take legal action

By: Issuewire

New York City, Jan 17, 2020 (Issuewire.com) - Anthony Salino, Chairman of Concerned First Choice Shareholders ("CFCS" or "we"), commented today on the formation of CFCS and noted the legal action pending in Delaware Chancery Court to order an annual meeting of the stockholders of First Choice Healthcare Solutions Inc. ("First Choice" or the "Company"). We believe that the last annual meeting of the stockholders of First Choice was in December 16, 2016, more than three years ago. 

Mr. Salino observed:

This Board of Directors has failed to hold an annual meeting of stockholders for the election of directors, which is required by Delaware law, for more than three years. In the meantime, they have perpetuated themselves in office and have even announced new directors, in a manner that seems far from transparent, rather than submit the choice of directors to a stockholder vote. The Board appears to have forced stockholders to go to court simply to enforce stockholders' fundamental rights under Delaware law and the Bylaws of the Company. We call on the Board to fulfill its duty to stockholders by scheduling an annual meeting of stockholders as promptly as practicable. If the Board continues to fail in their obligations, we will find it necessary to maintain the pending action to protect stockholders' rights in court.

We hope and expect that until a Board with the mandate of stockholders has been duly elected, the current Board will not purport to take any extraordinary corporate action, such as, among other things, any attempt to amend the Company's Bylaws, to adopt some "poison pill", to undertake any acquisition or disposition of stock or assets, to issue any new equity or equity-linked securities, to incur any new indebtedness, or to enter into any material new contractual arrangements. In our opinion, any such effort would be a blatant attempt to circumvent the will of the stockholders, who are the true owners of the Company, potentially impairing stockholder value and exposing directors to possible liability for breach of fiduciary duty. We are prepared to take legal steps if necessary to protect stockholders from any inappropriate action by this Board and to hold the directors accountable.

CFCS currently owns, collectively, approximately 4.9% of the common stock of First Choice. We are dedicated to maximizing stockholder value and improving corporate governance at the Company. We will welcome the opportunity to pursue these goals at the 2020 Annual Meeting of stockholders, which we hope will be scheduled without delay. At the annual meeting, stockholders will have the opportunity to vote for new directors whose interests are fully aligned with those of the stockholders. We strongly believe that the Company's directors must have the ability and commitment to independently make decisions and take actions in the best interest of all stockholders. 

This release is not a solicitation. If CFCS engages in any solicitation with respect to the shares of the Company, it will prepare and disseminate a proxy statement with respect to that solicitation. Shareholders should read that proxy statement if and when it becomes available because it will contain important information. Shareholders will be able to obtain copies of any such proxy statement, related materials and other materials filed with the Securities and Exchange Commission at the SEC's website, www.sec.gov, without charge if and when those documents become available. Shareholders will also be able to obtain copies of any such proxy statement, related materials and other materials without charge, if and when available, from CFCS by request to contact@rescuefchs.com.

Media Contact

Concerned First Choice Shareholders


contact@rescuefchs.com

Source :Concerned First Choice Shareholders

This article was originally published by IssueWire. Read the original article here.

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