First Manhattan sues Vivus over shareholder vote

Vivus Inc.'s biggest shareholder said Tuesday it is suing the obesity drug maker as it continues to fight for greater control of the company.

First Manhattan Co., which as a 9.9-percent stake in Vivus, filed a lawsuit aiming to stop the drug maker and its representatives from soliciting or votes for the company's annual shareholder meeting. The also wants the court to certify the disputed results of the election of Vivus' directors, and to stop the company's current directors from taking any further action on behalf of Vivus.

The suit was filed in the Court of Chancery of the State of Delaware.

Vivus did not have an immediate comment.

The suit is the latest step in a fight for control of the company that began in March.


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Citation: First Manhattan sues Vivus over shareholder vote (2013, July 16) retrieved 25 May 2019 from https://phys.org/news/2013-07-manhattan-sues-vivus-shareholder-vote.html
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