SAN DIEGO--(BUSINESS WIRE)--Dr. H. Michael Shack, Proxy Organizer shareholder of Artes Medical, Inc. (NASDAQ: ARTE), announced today that a shareholder named Barry Rubin, filed a derivative complaint in Superior Court, State of California, County of San Diego against several members of Artes Medical, Inc.’s current management team and its Board of Directors. The derivative complaint was filed for: Breach of fiduciary duty, breach of duty of loyalty, and waste of corporate assets. The complaint can be obtained by contacting MacKenzie Partners, Inc. at (212) 929-5500 or via e-mail at email@example.com.
People listed as defendants in the complaint are: CHRISTOPHER J. REINHARD, DOUGLAS ABEL, JOHN R CONSTANTINO, TODD C. DAVIS, BEVERLY A. HUSS, LON E. OTREMBA, ROBERT B. SHERMAN, MICHAEL K. GREEN, DIANE S. GOOSTREE, PETER C. WULFF, DAREN J. BARONE, and DOES 1–20.
Within the text of the complaint, several allegations against the current management team and board of directors are mentioned, which undermine their capabilities to be operating Artes Medical. Allegations included are: self-dealing, illegal tipping and excessive payments to former officers, channel stuffing, the Zeoli/Reinhard connection, poison pill, failure to hold annual meeting of stockholders, profit grants without shareholder approval, misleading financial statements for third quarter of 2007, and misleading statements to boost investor confidence.
The Proxy Organizer has retained MacKenzie Partners, Inc. to conduct the proxy solicitation and has requested a shareholder list from Artes Medical in order to communicate with shareholders concerning the efforts to replace the Board of Directors of Artes Medical, Inc. with a new slate proposed in the preliminary proxy statement.
If you have any questions, you can reach the Proxy Organizer's proxy solicitation firm of MacKenzie Partners, Inc. at (212) 929-5500 or via e-mail at firstname.lastname@example.org.