By Katherine Hamilton
Pacira Biosciences shareholder Doma Perpetual Capital Management nominated three candidates to Pacira's board of directors, alleging it isn't doing enough to return profits to shareholders.
Doma, which owns about 4% of Pacira's common stock, said Friday it was making the nominations because it believes change to Pacira's board is necessary to accelerate shareholder return.
The nominees are Doma Chief Financial and Operating Officer Eric de Armas, attorney Joseph Kromholz and investment banking professional Philip Pucciarelli.
Its aim is to accelerate buybacks and return to shareholders the majority of the cash on the balance sheet and free cash flow, it said. It said it believes management of the pain-medicine company have directed too much money toward their own compensation.
"Pacira's Board and management team are taking decisive action to enhance shareholder value," Pacira said in a Friday statement.
Nominees for the board of the Parsippany, N.J. pain-medicine company will stand for election at the annual stockholders meeting. The date for that meeting hasn't been disclosed yet.
Write to Katherine Hamilton at katherine.hamilton@wsj.com
(END) Dow Jones Newswires
March 14, 2025 16:39 ET (20:39 GMT)
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