Rosenblatt Law Firm Founder Demands Removal of CEO

The founder of one of the city’s most important independent law firms is threatening to call an extraordinary shareholder meeting if its chief executive is not fired amid a catastrophic drop in its share price.

Sky News has learned that Ian Rosenblatt, who founded Rosenblatt Law in 1989, has written to the chairman of RBG Holdings demanding the removal of Jon Divers, who joined the company in 2022.

It is understood that Rosenblatt, who owns more than 20% of RBG shares, informed Marianne Ismail, the group’s chairwoman, to request the immediate removal of Mr Divers as a director.

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He reportedly told her that if this did not happen, he would request an EGM to be called to gain broader investor support for management changes.

Over the past 12 months, the valuation of RBG, which also owns Memery Crystal, another law firm, has fallen by almost 85%.

On Monday it reported a loss of almost £3 million in the first half of this year and said the timing of the general election had affected demand for its services.

Rosenblatt took his namesake company public in 2018, raising £43m at a price of 95p per share.

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Shares were trading at around 3.43p on Tuesday morning, giving the group a market valuation of just £4.5m.

When Sky News contacted Rosenblatt, he declined to comment.

An RBG spokesman declined to comment on this matter.