Activist investor Politan files lawsuit against medical device maker Masimo (updated)
17/07/2024 23:13
(Adds lawsuit details in paragraph 2, background in paragraphs
3-6)
July 17 (Reuters) - Activist investor Politan Capital
has filed a lawsuit against medical device maker Masimo Corp
MASI.O , seeking to have the company hold its annual meeting as
soon as possible.
In the lawsuit, filed in a Delaware court, Politan also
sought a declaration that Masimo will not reject Politan's
nominees to the board.
Politan has a near 9% stake in Masimo and has nominated
two candidates to be elected to the company's five-member board.
Only two board seats will be voted on this year.
On Tuesday, Masimo postponed its annual shareholder
meeting to Sept. 19 from July 25, drawing criticism from
Politan, which called it a "last-gasp attempt" to prevent
shareholder voices from being heard.
Politan's legal action comes a day after Masimo filed a
lawsuit against Politan, seeking to force the activist investor
to correct "material misstatements and omissions" in its proxy
materials.
Quentin Koffey-owned Politan has long criticized
Masimo's capital allocation and board oversight and expressed
concerns about the California-based company's $1 billion
purchase of consumer audio products maker Sound United.
(Reporting by Juby Babu in Mexico City; Editing by Maju Samuel)
((Juby.Babu@thomsonreuters.com;))