SEOUL--(Business Wire / Korea Newswire)--ILJIN SNT Co., Ltd. (“ILJIN”), one of the largest shareholders of Aurinia Pharmaceuticals (NASDAQ: AUPH) (“Aurinia” or the “Company”), today issued an open letter to fellow shareholders. The full text of the letter is below.

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July 11, 2024

Fellow Aurinia Shareholders,

Last month, Aurinia (“Company”) announced the voting results of its 2024 annual general meeting of shareholders (“AGM”). The Company announced that four directors -- (i) Peter Greenleaf, President and CEO and a Director, (ii) Daniel G. Billen, Director and Chair of the Board, (iii) R. Hector MacKay-Dunn, J.D, Director, and (iv) Brinda Balakrishnan, Director -- received less than the majority support required under the Company’s Majority Voting Policy.

No doubt the AGM results are a step in the right direction for the future of Aurinia. In this connection, we call on the Company’s Board to honor the voices of shareholders as expressed through the AGM, and accept the resignations of the four directors in accordance with the AGM voting results. We fully expect the Board will change as a result of this vote and begin to serve as a strong, effective board in ensuring improved management performance and securing a breakthrough in the Company stock’s performance in the near future.

So, after months of efforts, including issuance of the three public letters, ILJIN simply wanted to express our sincere gratitude to our fellow shareholders for having the courage to step up and finally making our voices heard. Our collective actions prove that no longer can entrenched management get away with massive losses on shareholders without a consequence to their compensation from the Company, and no longer may the Company’s management enrich themselves through the unrestrained grant of free RSUs -- irrespective of the Company’s performance.

Now, the AGM has paved the path for a change to the Company’s Board, we will need new directors who could help the Company forge a new strategic direction and successfully implement the strategic change. In this respect, we intend to maintain our vigilance and continue to press for the Board to listen to the constituent shareholders both in the selection of the composition of the Company’s new Board and adoption of a new growth strategy for Aurinia. We implore the Company to take the necessary changes at the Company to restore shareholder value in the nearest future possible.

Together, we will make a difference to the future of Aurinia.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240711875661/en/

Contact ILJIN SNT Co., Ltd
Media
Yoonhwa Lee
[email protected]
This news is a press release provided by ILJIN SNT Co., Ltd.. Korea Newswire follows these editorial guidelines. ILJIN SNT Co., Ltd. News ReleasesSubscribeRSS 일진에스앤티, 아우리니아 파마슈티컬스 이사회에 연례 주총에서 표명된 주주 의견 존중 촉구 아우리니아 파마슈티컬스(Aurinia Pharmaceuticals, 나스닥: AUPH)(이하 ‘아우리니아’ 또는 ‘회사’)의 최대 주주인 일진에스앤티(ILJIN SNT Co., Ltd., 이하 ‘일진’)가 오늘 동료 주주들에게 보내는 공개 서한을 발표했다. 서한 전문은 아래와 같다. 2024년 7월 11일 아우리니아 주주 여러분, 지난달, 아우리... 7월 12일 15:20 More News Health Clinical Trials Pharmaceutical Statements Seoul ILJIN SNT Co., Ltd. All News Releases 