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VIVUS, Inc. (VVUS) Says It's Victim of False Statements, Delays Shareholder Meet



7/15/2013 7:44:32 AM

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U.S. drugmaker Vivus Inc, locked in a proxy battle with First Manhattan Co, said paid advisors of the activist investor had made misleading statements and the company would be delaying its annual shareholder meeting by three days so that the matter could be dealt with. Vivus said the advisors to its top investor had made false and misleading to shareholders regarding the recommendation of proxy advisory firm Institutional Shareholder Services (ISS) but did provide details as to what the statements were. It has reported the matter to the U.S. Securities and Exchange Commission, asking that the regulator force FMC to correct them, it said in a news release. FMC, a New York-based investment advisory firm with a 9.9 percent stake in Vivus, has repeatedly criticized the company, saying it badly mishandled the launch of its obesity drug Qsymia and failed to land a large company partner with deep pockets and a big enough sales force to help the drug reach its blockbuster potential.

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