Proxy advisory firm supports election of LCA-Vision's incumbent directors

By Lisa Kerner

Charlotte, N.C., Feb. 27 - LCA-Vision Inc. said that Glass, Lewis & Co., LLC recommended that the company's stockholders vote to retain LCA-Vision's current board of directors and to reject all of the proposals included in the dissident shareholder group's consent solicitation.

According to an LCA-Vision news release, the proxy advisory firm's report called the shareholder group's operations plan and business strategy "particularly thin."

Glass Lewis believes that LCA-Vision's incumbent directors are in the best position to guide the company during a turnaround period, the news release said.

Dr. Stephen Joffe, LCA-Vision founder and former chief executive officer, formed the LCA-Vision Full Value Committee with LCA-Vision's former chief operating officer, Craig Joffe, and its former executive vice president of finance, Alan Buckey.

In its report, Glass Lewis said it cannot support Stephen Joffe as a director "in light of accounting discrepancies at the company" during the tenure of the Joffes and Buckey as senior executive officers, according to LCA-Vision's news release.

As previously reported, the shareholder group began a consent solicitation to replace the Cincinnati-based laser vision correction services company's board of directors with Stephen Joffe, Jason T. Mogel, Robert Probst, Edward J. VonderBrink and Robert H. Weisman. The solicitation will end on April 9.

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