Law suit threat for Vivus over battle for shareholders' votes
The battle has heated up between US drugmaker Vivus (Nasdaq: VVUS) and its top investor First Manhattan (FMC) ahead of the Vivus shareholders’ meeting, which has been postponed until tomorrow.
Vivus recognized that after poor sales of its obesity drug Qsymia (phentermine and topiramate extended-release) and falling share prices a change in the board was necessary ( The Pharma Letter July 14). It wanted to invite three FMC directors to join the board, while FMC proposed appointing nine directors to replace the entire board.
After Monday’s shareholder meeting was postponed to resolve discussion the interchanges have become increasingly heated. Vivus has reported FMC to the US Securities and Exchange Commission (SEC) for making “false and misleading statements” to the company’s stockholders regarding the recommendation of Institutional Shareholder Services (ISS) ahead of the meeting.
This article is accessible to registered users, to continue reading please register for free. A free trial will give you access to exclusive features, interviews, round-ups and commentary from the sharpest minds in the pharmaceutical and biotechnology space for a week. If you are already a registered user please login. If your trial has come to an end, you can subscribe here.
Login to your accountTry before you buy
Free
7 day trial access
- All the news that moves the needle in pharma and biotech
- Exclusive features, podcasts, interviews, data analyses and commentary from our global network of life sciences reporters.
- Receive The Pharma Letter daily news bulletin, free forever.
Become a subscriber
£820
Or £77 per month
- Unfettered access to industry-leading news, commentary and analysis in pharma and biotech.
- Updates from clinical trials, conferences, M&A, licensing, financing, regulation, patents & legal, executive appointments, commercial strategy and financial results.
- Daily roundup of key events in pharma and biotech.
- Monthly in-depth briefings on Boardroom appointments and M&A news.
- Choose from a cost-effective annual package or a flexible monthly subscription
The Pharma Letter is an extremely useful and valuable Life Sciences service that brings together a daily update on performance people and products. It’s part of the key information for keeping me informed
Chairman, Sanofi Aventis UK
Today's issue
Company Spotlight
More Features in Pharmaceutical
Copyright © The Pharma Letter 2024 | Headless Content Management with Blaze