© 2015 The Texas Lawbook.
By Natalie Posgate
(April 18) – Sapphire crystal growth technology company Rubicon Technology on Monday publicly displayed its disappointment with a major investor’s two nominations to Rubicon’s board of directors for an election to be decided at the company’s upcoming annual shareholder meeting. The contested nominations have launched a proxy battle for Rubicon’s future leadership.
Paragon Technologies, an investment firm headquartered in Pennsylvania, nominated its CEO, Hesham Gad, and board member, Jack Jacobs, to serve on Rubicon’s board of directors.
After a thorough review process, Rubicon found Jacobs fit to serve on the company’s board but not Gad, the company said in a statement issued Monday. Paragon has rejected Rubicon’s proposal and demanded Rubicon to appoint both nominees, the statement said.
“In addition to serving as chairman and CEO of a Paragon portfolio company subject to an involuntary bankruptcy proceeding, Mr. Gad previously pleaded guilty to theft from a prior employer and was separately charged with making false statements to a government authority,” Rubicon CEO Bill Weissman said in the statement.
Vinson & Elkins is representing Illinois-based Rubicon in the proxy battle. Leading the efforts are New York partner Kai Liekefett and Austin counsel Shaun Mathew. Houston associates Jing Tong and Ryan Martin and Austin associate Luke Thomas are also assisting, as well as attorneys from the firm’s New York office.
Rubicon said it would present its recommendations with respect to the election of the board in an upcoming proxy statement that it will file with the U.S. Securities & Exchange Commission. The company has not yet announced a date for its annual stockholders’ meeting.
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