Vivus (VVUS) announced Monday that it will be delaying its annual shareholder meeting by three days.
The decision to delay the shareholder meeting comes during conflict between the company and its top investor First Manhattan (FMC), over the handling of the company’s weight-loss drug Qsymia, reports Reuters.
Vivus claims that FMC made false statements to its shareholders, and has asked the U.S. Securities and Exchange Commission to force FMC to change it statements, reports Reuters.
“FMC is acutely aware of its disclosure obligations and strongly disagrees with Vivus’ recent comments,” FMC, told Reuters.
FMC has proposed replacing the nine directors of Vivus, and wants to replace Vivus CEO Leland Wilson with former AstraZeneca senior executive Anthony Zook, reports Reuters.
Qsymia has had lower than expected sales since it launched last September. Vivus has spent $45 million in promoting the weight-loss drug but has only $4.1 million in sales of the drug.