J. marvin feigenbaum issues an open letter to shareholders of document security

On november 4, 2019, j. marvin feigenbaum, barinder athwal, and brian mirma (concerned shareholders) issued an open letter to shareholders outlining the recent placement of almost 20% of the company stock in the hands of chairman fai heng chan as proof of an entrenched self-serving board whose narrow interests does not include creating long-term value. the concerned shareholders expressed that the board's recent approval of the issuance of new shares to the chairman is a self-serving attempt to thwart shareholders and provides further rationale to replace the entire board. the concerned shareholders expressed their views that it certainly does not comply with good corporate governance practice for a publicly traded company and is yet another indication of this current board's complete disregard of its fiduciary duty and the interests of the other sharehkolders of the company. in addition, concerned shareholders reminded shareholders to look out for its preliminary proxy statement, which it expect to issue in the coming days which will include information about its’ director nominees of able, capable and accomplished men and women of various backgrounds who are committed to turning around the company and the time has arrived to put the company into responsible hands.
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