{"id":56135,"date":"2023-04-24T15:03:12","date_gmt":"2023-04-24T13:03:12","guid":{"rendered":"https:\/\/pharma-trend.com\/en\/mkt-capital-issues-letter-to-aurinia-shareholders-announcing-its-intention-to-withhold-support-for-three-directors-at-2023-annual-meeting\/"},"modified":"2023-04-24T15:03:12","modified_gmt":"2023-04-24T13:03:12","slug":"mkt-capital-issues-letter-to-aurinia-shareholders-announcing-its-intention-to-withhold-support-for-three-directors-at-2023-annual-meeting","status":"publish","type":"post","link":"https:\/\/pharma-trend.com\/en\/mkt-capital-issues-letter-to-aurinia-shareholders-announcing-its-intention-to-withhold-support-for-three-directors-at-2023-annual-meeting\/","title":{"rendered":"MKT Capital Issues Letter to Aurinia Shareholders Announcing its Intention to Withhold Support for Three Directors at 2023 Annual Meeting"},"content":{"rendered":"<div>\n<p class=\"bwalignc\">\n<b><i>Highlights Egregious Compensation Awarded to Executives Despite Poor Performance, Including ~$26 Million in Payouts to CEO Peter Greenleaf From 2019 \u2013 2022<\/i><\/b><\/p>\n<p class=\"bwalignc\">\n<b><i>Calls on the Board to Heed Shareholder Feedback by Publicly Committing to a Strategic Review Process<\/i><\/b><\/p>\n<p class=\"bwalignc\">\n<b><i>Believes a Sale to a Well-Capitalized Acquirer Could Yield up to $28 Per Share, or a More Than 192% Premium for Shareholders, Based on Recent Comparable Transactions<\/i><\/b><\/p>\n<p class=\"bwalignc\">\n<b><i><span class=\"bwuline\">Plans to Withhold Support for Chairman Dr. George Milne, CEO Peter Greenleaf and Compensation Committee Chair Joseph Hagan<\/span>, Who Should All Be Held Accountable for Perpetuating a Culture of Self-Enrichment at the Expense of Aurinia Shareholders<\/i><\/b><\/p>\n<p>CAYMAN ISLANDS&#8211;(BUSINESS WIRE)&#8211;MKT Capital Ltd., a significant shareholder of Aurinia Pharmaceuticals Inc. (NASDAQ: AUPH) (\u201cAurinia\u201d or the \u201cCompany\u201d) which together with its affiliates beneficially owns approximately 4.2% of Aurinia\u2019s outstanding shares, today issued the following letter to the Company&#8217;s shareholders.<\/p>\n<p class=\"bwalignc\">\n***<\/p>\n<p>\nFellow Shareholders,<\/p>\n<p>\nMKT Capital Ltd. (together with its affiliates, \u201cMKT Capital\u201d or \u201cwe\u201d) is a significant shareholder of Aurinia Pharmaceuticals Inc. (\u201cAurinia\u201d or the \u201cCompany\u201d) with beneficial ownership of approximately 4.2% of Aurinia\u2019s outstanding shares. We initially invested in Aurinia in 2019 because we believed the drug LUPKYNIS had the potential to become a great commercial success as an oral treatment option for advanced lupus nephritis. Unfortunately, since the drug\u2019s commercialization three years ago, the Company has been unable to broaden its distribution or grow sales under Chairman Dr. George Milne and Chief Executive Officer (\u201cCEO\u201d) Peter Greenleaf\u2019s leadership. As a result, LUPKYNIS is being used for the treatment needs of 1,500 patients three years in, or roughly less than 1% of the total 135,000 patient addressable market in the U.S. alone.<sup>1<\/sup><\/p>\n<p>\nAs a long-term shareholder of Aurinia, we have spent a considerable amount of time reviewing the Company\u2019s corporate governance, executive compensation practices and capital allocation decisions and have attempted to engage meaningfully with management to better understand its overall strategy. Our diligence over the past several years has led us to the following conclusion: <b><span class=\"bwuline\">a reconstituted Board of Directors (the \u201cBoard\u201d) should commence a strategic review process immediately to explore a sale of the entire business, which we believe could attract a well-capitalized strategic acquirer or private equity buyer and yield up to $28 per share, or more than a 192% premium for shareholders<\/span><\/b>.<sup>2<\/sup><\/p>\n<p>\nWe are deeply troubled by the Board\u2019s decisions, especially as it relates to executive compensation, which we believe illustrate that several incumbent directors are either unable or unwilling to advance shareholders\u2019 best interests or embrace and act on shareholder feedback. We contend:<\/p>\n<ul class=\"bwlistdisc\">\n<li>\nThe Board has consistently prioritized the interests of management by enriching Company executives at the expense of shareholders.<\/li>\n<li>\nYear after year, management and the Board take harmful actions that dilute shareholders.<\/li>\n<li>\nThe Board has failed to hold management accountable for poor total shareholder returns.<\/li>\n<li>\nThe Board has historically been unwilling to embrace and act on shareholder feedback.<\/li>\n<li>\nThe Board has been unable to manage turnover in key research and development (\u201cR&amp;D\u201d) and commercialization positions in the c-suite.<\/li>\n<li>\nManagement and the Board have failed to diversify Aurinia\u2019s drug pipeline through business development efforts.<\/li>\n<li>\nThe Board\u2019s limited shareholdings have only perpetuated its misalignment with investors.<\/li>\n<\/ul>\n<p>\nWe feel it is critical for shareholders to send Chairman Dr. George Milne, CEO Peter Greenleaf and Compensation Committee Chair Joseph Hagan a clear message that the status quo is unacceptable, especially in light of the outsized compensation packages awarded to management in the face of shareholder value destruction at Aurinia. <b><span class=\"bwuline\">This is why we intend to WITHHOLD support for three current directors at the 2023 Annual General Meeting of Shareholders (the &#8220;Annual Meeting&#8221;) scheduled for May 17, 2023: Chairman Dr. George Milne, CEO Peter Greenleaf and Compensation Committee Chair Joseph Hagan.<\/span><\/b> In our view, these incumbents have perpetuated a culture of failure and self-enrichment at the expense of shareholders and must be held accountable.<\/p>\n<p class=\"bwalignc\">\n<b><i>WE BELIEVE THE BOARD IS MISALIGNED WITH SHAREHOLDERS AND HAS AWARDED EGREGIOUS EXECUTIVE COMPENSATION IN THE FACE OF POOR PERFORMANCE<\/i><\/b><\/p>\n<p>\nAurinia\u2019s shares have dramatically underperformed peers and pharmaceuticals indices over relevant time horizons. While the Company delivered approximately -18% in total shareholder returns (\u201cTSR\u201d) over the past three years, the S&amp;P\/TSX Composite and S&amp;P Pharmaceuticals Select Industry Indices delivered 73%+ and 33%+ for investors, respectively.<sup>3<\/sup><\/p>\n<table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl bwwidth100\">\n<tr>\n<td class=\"bwvertalignt bwtopsingle bwsinglebottom bwleftsingle bwrightsingle bwpadl0 bwwidth40\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignt bwtopsingle bwsinglebottom bwrightsingle bwpadl0 bwwidth20\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n<b>1-Year TSR<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignt bwtopsingle bwsinglebottom bwrightsingle bwpadl0 bwwidth20\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n<b>2-Year TSR<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignt bwtopsingle bwsinglebottom bwrightsingle bwpadl0 bwwidth20 bwalignc\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n<b>3-Year TSR<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwsinglebottom bwleftsingle bwrightsingle bwwidth40 bwpadl1\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin \">\nAurinia Pharmaceuticals<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth20 bwalignc\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n-14.09%<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth20 bwalignc\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n-30.80%<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth20 bwalignc\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n-17.99%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwsinglebottom bwleftsingle bwrightsingle bwwidth40 bwalignl bwpadl1\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\nS&amp;P\/TSX Composite Index<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth20 bwalignc\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n-5.94%<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth20 bwalignc\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n9.94%<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth20 bwalignc\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n73.35%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwsinglebottom bwleftsingle bwrightsingle bwwidth40 bwalignl bwpadl1\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\nS&amp;P Pharmaceuticals Select Industry Index<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth20 bwalignc\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n-4.63%<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth20 bwalignc\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n-21.31%<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth20 bwalignc\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n33.16%<\/p>\n<\/td>\n<\/tr>\n<\/table>\n<p>\nManagement and the Board bear responsibility for overseeing the destruction of shareholder value, which we believe is directly attributable to strategic missteps, rich executive compensation practices and poor capital allocation. While shareholders have suffered tremendous harm, insiders have been insulated from the Company\u2019s deteriorating share price largely due to their minimal ownership. Instead, many of these insiders \u2013 including Chairman Milne, CEO Greenleaf and Mr. Hagan \u2013 have been consistent net sellers of shares following generous share grants throughout the years.<\/p>\n<p>\nIn this year\u2019s proxy statement, Aurinia boasts having adopted a new <i>\u201cshare ownership policy\u201d<\/i> for the Company\u2019s directors and executives following the extremely low say-on-pay vote (51.6% of votes cast) for its executive compensation model put forth at the Company\u2019s 2021 Annual General Meeting.<sup>4<\/sup> We were disappointed to see that despite this, every independent director currently serving on Aurinia\u2019s Board owns well below less than a fraction of 1% of the Company\u2019s outstanding shares (and the only reason CEO Greenleaf beneficially owns greater than 1% is due to the outsized equity awards that he has received).<\/p>\n<p>\nA closer look at the footnotes under the beneficial ownership table also shows that the overwhelming majority of management and the Board\u2019s ownership position consists of granted options and restricted stock units (\u201cRSUs\u201d). In fact, the proxy statement reveals that nearly 92% of management and the Board\u2019s ownership is in the form of options and RSUs that are vesting or exercisable within 60 days of April 12, 2023, and that management and the Board collectively own only 498,522 shares outright, equating to approximately 0.3% of the outstanding shares.<\/p>\n<p>\nIn our view, management and the Board\u2019s negligible ownership leads to a lack of accountability and alignment with the Company\u2019s true owners: its shareholders. This is perhaps the most evident in the tremendous compensation packages that have been awarded to executives in the face of Aurinia\u2019s severe underperformance in recent years. We believe that directors who have chosen to prioritize enriching company executives at the expense of shareholders do not deserve a seat on the Board.<\/p>\n<p>\n<b><span class=\"bwuline\">In 2020, while the Company\u2019s share price was in the red, Compensation Committee Chair Hagan determined that CEO Greenleaf deserved <i>double his prior year\u2019s compensation<\/i> and approved a whopping $10.68 million pay package.<\/span><\/b> This included $7.8 million in option awards and $1.5 million in stock awards, in addition to Mr. Greenleaf\u2019s base salary, cash bonus and other incentives. To put this in context, Mr. Greenleaf\u2019s total 2020 pay was 6.2 times the median of Aurinia\u2019s peers. The 2020 proxy also lacked disclosures regarding the short-term incentive goals and specific achievements that had to be met for executives, which reduces pay transparency for Aurinia shareholders. The majority of the equity awards did not include performance conditions and the performance shares were based on one-year goals, for which targets were not disclosed.<\/p>\n<p>\nAs Compensation Committee Chair, Mr. Hagan also pushed through an extremely dilutive and problematic amended stock option plan at the Company\u2019s 2020 Annual General Meeting to allow for a variety of equity-based awards, including stock options, restricted stock, RSUs and performance awards valued at $1.48 billion. In addition to the amended plan providing for discretionary non-employee director participation, its estimated cost, resulting dilution and burn rate were all excessive, it contained a problematic change-in-control provision, it provided insufficient vesting provisions for stock options issued to the CEO and it did not include a clawback provision for equity awards.<\/p>\n<p>\nThe decisions Mr. Hagan made while serving as Compensation Committee Chair in 2020 are some of the most egregious we have ever seen, and his poor decision-making seemingly has not stopped. Despite the Company\u2019s continued underperformance, certain members of management were just awarded an additional 1,841,624 RSUs (including 667,407 RSUs to CEO Greenleaf alone) on March 2, 2023.<sup>5<\/sup> We believe Mr. Hagan should step down from the Board immediately in light of his complete lack of judgment when it comes to executive compensation and shareholder dilution in the face of poor performance. We also believe this glaring lack of accountability to shareholders falls on CEO Greenleaf, who through 2022 has reaped nearly $26 million in compensation since 2019 and Chairman Milne, who has acted as a rubberstamp to such outsized compensation decisions. Despite having a fiduciary duty to shareholders as the Company\u2019s Chairman, in our view, Dr. Milne seems more focused on lining his fellow colleagues\u2019 pockets than unlocking value for Aurinia\u2019s long-suffering shareholders.<\/p>\n<p class=\"bwalignc\">\n<b><i>NOW IS THE RIGHT TIME FOR AURINIA TO EXPLORE STRATEGIC ALTERNATIVES<\/i><\/b><\/p>\n<p>\nWhile management repeatedly claims that Aurinia is a <i>fully integrated biopharma company<\/i>, the reality is that since Chairman Milne and CEO Greenleaf took the helm in 2019, they have lost key R&amp;D and commercialization talent, made poor capital allocation decisions and most alarmingly, mismanaged and squandered the opportunity in front of them with the promising drug LUPKYNIS. All of this has destroyed shareholder value.<\/p>\n<p>\nWe believe Aurinia is dramatically undervalued at current share prices, representing an attractive acquisition target to both strategic and financial buyers. In our view, the issues the Company is facing are not structural, but self-inflicted due to incompetent leadership that has serially mismanaged a drug that was commercialized three years ago. Under Chairman Milne and CEO Greenleaf\u2019s leadership, Aurinia has been unable to distribute LUPKYNIS widely or grow sales. The Company reported sales of just $201 million over the past three years, while expenses ballooned to $650 million over the same period. At the same time, management has diluted shareholders by over 50% &#8211; destroying the value of our investment.<\/p>\n<p>\nThis is a clear failure of capital allocation and execution.<\/p>\n<p>\nShareholders were encouraged by the news of Bristol-Myers Squibb Company (\u201cBristol Myers\u201d) approaching Aurinia as a buyout target in October 2021, back when our Company was valued at about $2.8 billion.<sup>6<\/sup> Shares closed up nearly 27% on the day Bloomberg reported on news of the potential buyout. Unsurprisingly, Chairman Milne and CEO Greenleaf refused to address our numerous inquiries, despite our firm belief that Aurinia would benefit tremendously from a strategic acquirer like Bristol Myers. With Bristol Myers\u2019 (or another strategic acquirer\u2019s) manufacturing, production and sales capabilities, there is a profound opportunity to market LUPKYNIS in international markets.<\/p>\n<p>\nIn 2022, there was concerning turnover in key R&amp;D and commercialization positions in the c-suite, which has had an adverse impact on the Company\u2019s business development efforts to diversify its drug pipeline. These departures included Aurinia\u2019s Chief Commercial Officer, Max Colao, who resigned in July 2022, as well as the Company\u2019s Chief Medical Officer, Dr. Neil Solomons, and Head of Research, Dr. Robert Huizinga, who both departed in October 2022. We find it extremely troubling that two executives in key R&amp;D positions departed in the same month, with no explanation from Chairman Milne, CEO Greenleaf or the Board as to why.<\/p>\n<p>\nWe believe Aurinia represents an attractive asset that a well-capitalized buyer can acquire to begin effectively monetizing the highly valuable LUPKYNIS drug, which has been mismanaged by current leadership. Our analysis suggests that an acquirer could pay up to $28 per share for Aurinia, or more than a 192% premium for shareholders, which is consistent with valuation multiples of public company peers as well as recent biopharmaceutical acquisitions.<sup>7<\/sup><\/p>\n<p>\nThe only clear beneficiary of waiting any longer to explore a sale is CEO Greenleaf, as he continues to reap outsized compensation and accumulate equity awards. Unfortunately for shareholders, the opposite is true. The longer Aurinia\u2019s long-suffering shareholders are forced to wait for a sale of the Company, the more diluted our holdings become and the more money we lose. Refusing to pursue a sale of the Company is diametrically opposed to management\u2019s repeatedly stated goal of \u201cmaximizing value for shareholders.\u201d<\/p>\n<p class=\"bwalignc\">\n<b><i>THE AURINIA BOARD MUST BE HELD ACCOUNTABLE<\/i><\/b><\/p>\n<p>\nIt remains obvious to us \u2013 and we believe other shareholders \u2013 that Aurinia is a high-quality biopharmaceutical business that remains dramatically undervalued due to mismanagement by certain individuals in the boardroom. We believe the Board must take swift action to realize the value of its drug LUPKYNIS and close this valuation gap through a potential sale of the Company, which will provide immediate value to shareholders at a premium, rather than continuing to let us all suffer under the current status quo. Our singular goal is to set the correct direction for this great medicine for the benefit of patients and shareholders alike.<\/p>\n<p>\nIf the Board continues to disregard the widespread shareholder discontent, our hope is that the incumbents responsible for the destruction of shareholder value receive a wake-up call at the upcoming Annual Meeting where shareholders will have an opportunity to hold them accountable. That is why we believe shareholders should join MKT Capital in sending a message to the Board by <b><span class=\"bwuline\">WITHHOLDING support for the election of Chairman Dr. George Milne, CEO Peter Greenleaf and Compensation Committee Chair Joseph Hagan<\/span><\/b>.<\/p>\n<p>\nSincerely,<\/p>\n<p>\nAntoine Khalife<br \/>\n<br \/>MKT Capital Ltd.<\/p>\n<p class=\"bwalignc\">\n***<\/p>\n<p>\n<b>About MKT Capital Ltd.<\/b><\/p>\n<p>\nFounded in 2012 by Antoine Khalife, MKT Capital Ltd. is an investment management firm which aims to deliver optimal risk-adjusted returns for its investors. For more information, contact <a target=\"_blank\" href=\"&#x6d;&#97;i&#x6c;&#116;o&#x3a;&#x49;&#110;&#x66;&#x6f;&#64;m&#x6b;&#116;t&#x61;&#x63;&#116;&#x69;&#x63;&#97;l&#x66;&#117;n&#x64;&#x2e;&#99;&#x6f;&#x6d;\" rel=\"nofollow noopener\" shape=\"rect\">&#x49;n&#x66;&#111;&#x40;&#109;k&#x74;t&#x61;&#99;&#x74;&#105;c&#x61;&#108;&#x66;&#117;n&#x64;&#46;&#x63;&#111;&#x6d;<\/a>.<\/p>\n<p>\n<b>THIS IS NOT A SOLICITATION OF AUTHORITY TO VOTE YOUR PROXY. DO NOT SEND US YOUR PROXY CARD. MKT CAPITAL LTD. IS NOT ASKING FOR YOUR PROXY CARD AND WILL NOT ACCEPT PROXY CARDS IF SENT. MKT CAPITAL LTD. IS NOT ABLE TO VOTE YOUR PROXY, NOR DOES THIS COMMUNICATION CONTEMPLATE SUCH AN EVENT.<\/b><\/p>\n<p>\n<b>____________________________________________<\/b><\/p>\n<p>\n<sup>1<\/sup> Source: Aurinia.<br \/>\n<br \/><sup>2<\/sup> Based on price ($9.57) as of close of trading on March 16, 2023, which is the last day of trading prior to MKT Capital\u2019s initial letter to Aurinia shareholders.<br \/>\n<br \/><sup>3<\/sup> Source: TSR data was obtained via Bloomberg and includes dividends reinvested. TSR data runs through the close of trading on March 16, 2023, which is the last day of trading prior to MKT Capital\u2019s initial letter to Aurinia shareholders.<br \/>\n<br \/><sup>4<\/sup> Aurinia\u2019s 2023 Definitive Proxy Statement, filed April 18, 2023 (<a target=\"_blank\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.sec.gov%2Fix%3Fdoc%3D%2FArchives%2Fedgar%2Fdata%2F0001600620%2F000160062023000005%2Fauph-20230418.htm%23i9ad0285b61eb4fad8312c0d8a67018ca_25&amp;esheet=53386073&amp;newsitemid=20230424005337&amp;lan=en-US&amp;anchor=link&amp;index=1&amp;md5=91f390e7a73878963477a3764ce59307\" rel=\"nofollow noopener\" shape=\"rect\">link<\/a>).<br \/>\n<br \/><sup>5<\/sup> See Form 4 filings made by certain members of Aurinia management on March 6, 2023.<br \/>\n<br \/><sup>6<\/sup> Source: <i>Bristol-Myers Makes Takeover Approach to Aurinia Pharmaceuticals<\/i>, Bloomberg (<a target=\"_blank\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.bloomberg.com%2Fnews%2Farticles%2F2021-10-22%2Fbristol-myers-said-to-make-takeover-approach-to-aurinia&amp;esheet=53386073&amp;newsitemid=20230424005337&amp;lan=en-US&amp;anchor=link&amp;index=2&amp;md5=aa285ae1f6b80b54ba0234f53270cf13\" rel=\"nofollow noopener\" shape=\"rect\">link<\/a>).<br \/>\n<br \/><sup>7<\/sup> MKT Capital\u2019s estimate of up to $28 per share reflects an estimate of $1 billion in sales using a conservative ~4x multiple, as well as comparable transactions in the sector.<\/p>\n<p> <b>Contacts<\/b> <\/p>\n<p>\nLongacre Square Partners<br \/>\n<br \/>Charlotte Kiaie \/ Olivia McCann, 646-386-0091<br \/>\n<br \/><a target=\"_blank\" href=\"&#109;&#x61;&#x69;&#108;&#x74;&#x6f;&#58;&#x63;&#x6b;&#105;&#x61;&#x69;&#101;&#x40;&#x6c;&#111;&#x6e;&#x67;&#97;&#x63;&#x72;&#101;&#x73;&#x71;&#117;&#x61;&#x72;e&#x2e;&#x63;o&#x6d;\" rel=\"nofollow noopener\" shape=\"rect\">&#99;&#x6b;i&#97;&#x69;e&#64;&#x6c;o&#110;&#x67;a&#99;&#x72;e&#115;&#x71;u&#97;&#x72;e&#46;&#x63;o&#109;<\/a> \/ <a target=\"_blank\" href=\"&#x6d;&#x61;&#x69;&#x6c;&#116;&#111;&#58;&#111;mcc&#x61;&#x6e;&#x6e;&#x40;&#x6c;&#111;&#110;&#103;acr&#x65;&#x73;&#x71;&#x75;&#x61;&#114;&#101;&#46;com\" rel=\"nofollow noopener\" shape=\"rect\">&#111;m&#99;c&#97;n&#x6e;&#64;&#x6c;o&#x6e;g&#x61;c&#x72;e&#x73;q&#x75;a&#x72;e&#x2e;c&#x6f;&#109;<\/a><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Highlights Egregious Compensation Awarded to Executives Despite Poor Performance, Including ~$26 Million in Payouts to CEO Peter Greenleaf From 2019 \u2013 2022 Calls on the Board to Heed Shareholder Feedback by Publicly Committing to a Strategic Review Process Believes a Sale to a Well-Capitalized Acquirer Could Yield up to $28 Per Share, or a More &#8230; <span class=\"more\"><a class=\"more-link\" href=\"https:\/\/pharma-trend.com\/en\/mkt-capital-issues-letter-to-aurinia-shareholders-announcing-its-intention-to-withhold-support-for-three-directors-at-2023-annual-meeting\/\">[Read more&#8230;]<\/a><\/span><\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":{"0":"entry","1":"post","2":"publish","3":"author-business","4":"post-56135","6":"format-standard","7":"category-industry"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>MKT Capital Issues Letter to Aurinia Shareholders Announcing its Intention to Withhold Support for Three Directors at 2023 Annual Meeting - Pharma Trend<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/pharma-trend.com\/en\/mkt-capital-issues-letter-to-aurinia-shareholders-announcing-its-intention-to-withhold-support-for-three-directors-at-2023-annual-meeting\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"MKT Capital Issues Letter to Aurinia Shareholders Announcing its Intention to Withhold Support for Three Directors at 2023 Annual Meeting - Pharma Trend\" \/>\n<meta property=\"og:description\" content=\"Highlights Egregious Compensation Awarded to Executives Despite Poor Performance, Including ~$26 Million in Payouts to CEO Peter Greenleaf From 2019 \u2013 2022 Calls on the Board to Heed Shareholder Feedback by Publicly Committing to a Strategic Review Process Believes a Sale to a Well-Capitalized Acquirer Could Yield up to $28 Per Share, or a More ... 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