An investor in nuclear medicine firm Digirad is trying to overturn the results of a recent election of the company's board of directors.
Digirad said that Red Oak Fund has filed a complaint and motion to overturn motions passed at the company's board meeting on May 3, which elected a slate of directors nominated by Digirad. Red Oak wants to require Digirad to schedule a special meeting to hold another election.
Jeff Eberwein, chairman of the board of directors, said the company conducted a "full, fair, and open election process," and he accused Red Oak of creating an "unnecessary distraction" and of wasting corporate funds. Eberwein noted that Digirad is in the midst of a major restructuring, and the company expects to see results of the retooling in its second quarter of 2013.
