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First Manhattan sues Vivus for delaying shareholder meet
July 16, 2013 / 2:35 PM / 4 years ago

First Manhattan sues Vivus for delaying shareholder meet

July 16 (Reuters) - Obesity drug maker Vivus Inc’s proxy battle with its top investor intensified on Tuesday with First Manhattan Co (FMC) filing a lawsuit alleging that Vivus’s directors illegally delayed the company’s shareholder meeting to keep themselves in office.

FMC holds nearly 9.9 percent of Vivus and has been critical of the company for mishandling the launch and marketing of diet pill Qsymia.

Vivus decided to postpone its shareholder meeting to July 18 from July 15 on Monday, saying FMC’s advisers had made false statements to shareholders.

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