Open Letter to Concordia International Board: It is Time for Urgent Action and Accountability

    October 19, 2016

    Under the current board and management, Concordia shareholders have lost more than 90% of their hard-earned investment and retirement funds. We have lost confidence in this board and management and demand urgent action be taken to stem the destruction of shareholder value. We strongly recommend the following four-point action plan:

    1. Replace the CEO and reconstitute the board in order to re-establish trust and credibility in the company
    2. Communicate clear plan and timeline to reduce debt
    3. Require senior management and board members to purchase Concordia stock with their own capital
    4. Ensure executive compensation is tied to creating shareholder value, revenue increase and debt reduction targets.

    Concordia’s board and management has demonstrated inability and unwillingness to take meaningful action to rescue its stock. We urge all investors, analysts and regulators to hold this board and CEO accountable.

    P. Carleton
    Investor and founder,