LCA-Vision founder sells 612,052 shares, keeps 3% ownership interest

By Lisa Kerner

Charlotte, N.C., April 29 - LCA-Vision Inc. founder and former chief executive officer Stephen Joffe sold 612,052 shares of the company's stock between April 22 and April 27 priced from $2.50 to $5.45 each, according to a schedule 13D/A filed on Wednesday with the Securities and Exchange Commission.

With the sale, Joffe's stake in LCA-Vision dropped to 3%. He beneficially owns 559,900 shares of the Cincinnati-based laser vision correction services company.

In March, Joffe, along with former LCA-Vision chief operating officer Craig Joffe and former executive vice president of finance Alan Buckey, disbanded their shareholder group.

The LCA-Vision Full Value Committee garnered votes totaling only 6% of the company's outstanding shares in its bid to replace the LCA-Vision board.

As previously reported, three proxy advisory firms - RiskMetrics Group/ISS, Glass, Lewis & Co. and Proxy Governance, Inc. - supported keeping the company's current board and recommended that stockholders reject the dissident group's consent solicitation.

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