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Cox Padmore Skolnik & Shakarchy LLP remains ready to serve you during the COVID-19 pandemic. We are prepared to provide you with continuous legal service and uninterrupted communication. We are also monitoring the legal impact of COVID-19 and we are available to discuss any questions you may have regarding the CARES Act, insurance coverage issues, including business Interruption insurance, or other issues. Please see below for a list of our practice areas. You may contact us by the usual means of telephone and email, which is encouraged at this time. We will promptly respond. Video conferencing is also available. In all, our firm remains committed to assisting you throughout this evolving period of legal, business, and safety concerns.

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  4.  | Drugmaker shareholder dispute settles

Drugmaker shareholder dispute settles

| Jul 30, 2013 | Shareholder Disputes

Charged with looking out for the health of a business, shareholders play an important role in the life of many businesses. When a disagreement arises between shareholders, there are often no easy answers and resolving the matter can be difficult. Recently the drugmaker Vivus reached a settlement with First Manhattan Co., the largest shareholder it has. First Manhattan Co. was seeking greater control of the maker of the obesity drug.

The shareholder dispute came to a head earlier this month when First Manhattan, owner of 9.9 percent of the business’ outstanding stock, filed a lawsuit seeking to prevent the drugmaker from soliciting votes or proxies for the upcoming shareholder meeting. The shareholder also took issue with the way results from a director election were handled and sought to have a stop put to any further actions being taken on behalf of the company.

The settlement will result in multiple changes including a larger board and the resignation of several of the previous directors. First Manhattan will see its six nominees as new members and a new CEO, who is supported by the shareholder, is expected to take over soon.

Shareholder disagreements are legally complex wars to wage with many possible outcomes. Because of this it is not uncommon for lawyers to be involved in the resolution of the matter. Due to the nature of these types of cases most find it necessary to have attorneys who have handled such cases in the past, on their side. Ensuring this is the case could be the difference between success and failure.

Source: Salon, “Drugmaker Vivus settles with biggest shareholder,” Associated Press, July 19, 2013

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