DOMA Perpetual Capital Management, which owns approximately 7.5% of Pacira BioSciences Inc. (NASDAQ: PCRX), has sent a letter to shareholders urging them to vote for its three board nominees at the company's June 9, 2026 annual meeting, according to a press release statement.

DOMA is nominating Eric de Armas, Christopher Dennis, and Oliver Benton Curtis III for board positions. The investment firm argues that Pacira's current board and management are "misleading investors about the true risks the business faces" and calls for the removal of CEO Frank Lee.

According to the press release, Pacira's stock has declined approximately 54% over the past 10 years, 62% over the past five years, and 29% since Lee became CEO. EXPAREL, Pacira's primary product, accounts for approximately 80% of the company's total revenue.

DOMA contends that Pacira recently settled patent litigation with eVenus that will allow the generic manufacturer to supply over 30% of the bupivacaine liposome injectable suspension market by 2033, representing an expected corresponding loss in EXPAREL revenue. The company faces two ongoing patent infringement actions against generic manufacturers.

The investment firm claims that in the past two years, CEO Lee received $28 million in compensation while the company reported negative $93 million in net income. DOMA states that total executive and director compensation reached $121 million during a period when shareholders saw no returns.

DOMA's nominees include professionals with experience in healthcare, finance, legal and regulatory matters. The firm advocates for exploring strategic alternatives for the company, including a potential sale, and proposes removing the current CEO and appointing an interim CEO to assist with a sales process.

Pacira BioSciences develops non-opioid pain management products, with EXPAREL being its flagship product for post-surgical pain management.