Echo Lake calls for firing of NeuroMetrix CEO Shai Gozani

Echo Lake Capital sent a letter to the Board of Directors of Neurometrix. The firm said, “The letter listed the top ten reasons why the Board should immediately fire Shai Gozani, the company’s longstanding Chairman and CEO. The reasons include NURO‘s stock price has declined 99% since the IPO, while shareholders have suffered massive losses, Gozani has received over $10 million of compensation, Gozani was charged by the Federal Trade Commission for various wrongdoings at NURO, Gozani apparently personally paid $4 million to the FTC as part of a settlement, and Gozani’s decision to dilute shareholders by having NURO issue shares at prices significantly below net cash. The letter also questions why the Board continue to support Gozani considering his performance over the past twenty years.”