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