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.