Concerned Shareholders of Cano Health Reiterate the Need for Changes in Leadership and Strategy at the Company Following Massive Value Destruction
14 Junho 2023 - 7:31PM
Business Wire
Believes WITHHOLDING Votes on the Only Two Directors
Standing for Re-Election at Tomorrow’s Annual Meeting is the ONLY
Way to Show Support for Urgent Changes
Notes That Recent Delaware Court Opinion
Highlights the Litany of Governance Lapses and Leadership Failures
Under Dr. Marlow Hernandez
Elliot Cooperstone, Lewis Gold and Barry Sternlicht
(collectively with certain of their affiliates, the “Group” or
“we”), who recently resigned as members of the Board of Directors
(the “Board”) of Cano Health, Inc. (“Cano” or the “Company”) (NYSE:
CANO) and collectively own an approximately 35% equity stake in the
Company, today issued the following statement in relation to the
Company’s 2023 Annual Meeting of Stockholders (the “Annual
Meeting”) scheduled to be held tomorrow, June 15, 2023:
“Throughout our campaign for change at Cano, we have received an
outpouring of support from fellow stockholders as well as strong
endorsements from both of the leading independent proxy advisory
firms. It is critically important that this shared desire for
urgent change translates to resounding WITHHOLD votes for the two directors standing
for election at tomorrow’s Annual Meeting. We, as stockholders,
cannot afford to continue to rely on the same leadership that has
presided over abysmal capital allocation, dismal corporate
governance and disclosure practices, and disastrous strategic
decisions. The stakes are far too high now that Cano has burned
through more than a billion dollars in cash and seen its stock
price plunge approximately 90%.
We note that the recent opinion issued by the Delaware Court of
Chancery highlights the litany of governance lapses and leadership
issues that have plagued Cano, which undoubtedly are responsible
for the Company’s dismal performance. Although the Court did not
grant our request to enjoin the Annual Meeting, we believe the
litigation we commenced for the benefit of all Cano stockholders
was an important and necessary step in holding Chief Executive Dr.
Marlow Hernandez and others accountable for their misconduct. We
urge all investors to read the Court’s Opinion, which highlights
the conduct we unearthed in discovery and brought to light
important issues that can no longer be swept under the rug.
We strongly urge the Board to take actions to respond to the
will of stockholders based on tomorrow’s Annual Meeting vote
outcome – which in our view is not only representative of
stockholders’ opinions on Dr. Alan Muney and Kim Rivera – but is a
referendum on the entire Board and leadership of the Company. If
Cano continues to entrench current leadership by hiding behind the
corporate machinery and, as a result, maintains the current morass
of governance abuses and strategic failures, it will be doing a
grave disservice to all stakeholders. We sincerely hope that the
Board and leadership take to heart our desire – shared by many
stockholders – for increased integrity and accountability. We
believe that improvements on these fronts will help restore value
at Cano.”
***
We urge stockholders to vote WITHHOLD on Proposal 1, the election of Dr. Muney
and Ms. Rivera, on any proxy card received (the GREEN or WHITE
proxy card).
Visit www.SaveCano.com to
download a copy of our investor presentation and obtain information
on how to vote your shares.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230614992597/en/
Investors: HKL & Co., LLC Peter Harkins, Jr. / Jordan Kovler
Toll-Free: (800) 326-5997 CANO@hklco.com Media: Longacre Square
Partners Joe Germani / Charlotte Kiaie, (646) 277-8813
jgermani@longacresquare.com / ckiaie@longacresquare.com
Cano Health (NYSE:CANO)
Gráfico Histórico do Ativo
De Mai 2024 até Jun 2024
Cano Health (NYSE:CANO)
Gráfico Histórico do Ativo
De Jun 2023 até Jun 2024