| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers L > Headlines for LCA Vision Inc. > News item |
LCA-Vision's former management team led by Stephen Joffe wants back in control
By Lisa Kerner
Charlotte, N.C., Dec. 4 - LCA-Vision, Inc. founder and former chief executive officer Stephen Joffe, former chief operating officer Craig Joffe and former executive vice president of finance Alan Buckey believe they can help the company's "dire" condition by serving on the board of directors and being reappointed to executive management positions in the company.
According to Stephen Joffe, the trio "can help provide the strategic vision the company needs" and has the experience and expertise to execute that strategy.
Joffe said the board would be hard-pressed to find fault with the Joffes' and Buckey's "impeccable credentials in the laser vision correction industry generally, and with LCA-Vision specifically."
The Joffes and Buckey together own 11.4% of the Cincinnati-based laser vision correction services company.
In a Dec. 4 letter to LCA-Vision's board, the three former executives said they were "perplexed" by the board's failure to solicit their help saving the company from its current path of self-destruction.
The letter cited the 90% decrease in LCA-Vision's stock price since the appointment of CEO Steve Straus in November 2006, the elimination of the quarterly dividend and the suspension of the share repurchase program.
It was previously reported in November that LCA-Vision's board adopted a stockholder rights plan and declared a dividend distribution of one preferred stock purchase right on each outstanding share of LCA-Vision common stock.
The rights become exercisable only if a person or group acquires or obtains the right to acquire ownership of 20% or more of LCA-Vision common stock, begins a tender or exchange offer for 20% or more of the common stock or is declared an "adverse person" by the board.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.