Chapman Capital demands Gary Haroian's resignation from Embarcadero board

By Lisa Kerner

Charlotte, N.C., March 21 - Embarcadero Technologies, Inc. investor Chapman Capital LLC is demanding that Gary E. Haroian immediately resign from the company's board of directors, according to a company news release.

On March 12, Chapman Capital said it would seek nominees to replace Embarcadero class I directors Timothy C.K. Chou and Frank M. Polestra and class II directors Michael J. Roberts and Samuel T. Spadafora should Embarcadero fail to announce a sale of the company by March 30.

"Public company directors hiding shamelessly and disingenuously behind a convenient but ignorant interpretation of Regulation Fair Disclosure, in order to shirk their fiduciary duties of due care and loyalty, are a plague being visited upon Wall Street," Chapman Capital managing member Robert L. Chapman, Jr., said in the release.

"Mr. Haroian has been compensated into the hundreds of thousands of dollars while acting out the part of a 'career director' on the boards of Embarcadero, Aspen Technology, Inc., Lightbridge, Inc., Network Engines, Inc., and Phase Forward Inc.," Chapman added.

Chapman Capital is an adviser to two investment funds that together own 9.3% of the San Francisco data management company.

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