Broadwood Partners Criticizes STAAR And Alcon's Decision To Postpone Shareholder Vote

(RTTNews) - Friday, Broadwood Partners, L.P. and its affiliates criticized agreement between STAAR Surgical Company (STAA) and Alcon Inc. (ALC) to postpone a shareholder vote on the proposed sale of the former.

Broadwood Founder and President Neal Bradsher commented that the recent decision is the latest in a long string of bad decisions by this Board, which ran a deeply flawed sale process at the wrong time and agreed to an inadequate price.

The company advised STAAR to move past this ill-conceived transaction and get back to the important work of operating and building the business.

It added that the adjournment of the vote prolongs the uncertainty surrounding the company and risks further disrupting STAAR's momentum.

Additionally, the company stated that shareholder confidence can be regained only by removing certain executives, revealing its intention to seek the removal of Board Chair Elizabeth Yeu, CEO Stephen Farrell, and the Board's Compensation Committee Chair, Arthur Butcher.

Currently, STAA is trading at $26.93, down 0.11 percent on the Nasdaq.