Activist Claims Vivus Proxy Vote Delay Cheats Shareholders

Law360, Los Angeles (July 16, 2013, 5:57 PM EDT) -- An activist shareholder of drugmaker Vivus Inc. kicked up its proxy fight with the company’s board when it filed suit in Delaware state court against Vivus on Tuesday, alleging the board members delayed the annual meeting intentionally to avoid losing their jobs.

First Manhattan Co., which owns 9.9 percent of Vivus Inc. shares, said it was poised to replace Vivus’ board and had gathered up the votes necessary to pull it off. But it leveled claims in Delaware Chancery Court that Vivus postponed the meeting to...
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