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Activist investor Politan files lawsuit against medical device maker Masimo
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Activist investor Politan files lawsuit against medical device maker Masimo
Jul 17, 2024 3:25 PM

July 17 (Reuters) - Activist investor Politan Capital

has filed a lawsuit against medical device maker Masimo Corp ( MASI )

, 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 ( MASI ) will not reject Politan's

nominees to the board.

Politan has a near 9% stake in Masimo ( MASI ) 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 ( MASI ) 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 ( MASI ) 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 ( MASI ) capital allocation and board oversight and expressed

concerns about the California-based company's $1 billion

purchase of consumer audio products maker Sound United.

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