First Manhattan Co. (“FMC”), an owner-managed and operated investment advisory
firm and the owner of approximately 9.9 percent of the outstanding shares of
VIVUS, Inc. (“Vivus”) VVUS, today issued the following statement in
response to Vivus adjourning their Annual Meeting of Stockholders:
“First Manhattan vigorously objects to the actions taken by the Vivus Board to
adjourn the annual meeting today without allowing stockholders the right to
vote for the annual election of directors. We believe the adjournment is an
outrageous attack on Vivus stockholders' right to vote and be heard on the
important issues facing the company.
“First Manhattan believes Vivus' stated reasons for adjourning the meeting are
a pretext, lacking substance and a desperate act to delay an important vote on
the future of the company. In addition, we believe that the Vivus Board lacked
authority to adjourn the annual meeting without a stockholder vote to do so.
We voted our shares against adjournment and reserve our right to challenge the
adjournment and take any other action to protect the stockholders' right to be
heard without delay.
“We believe Vivus stockholders are fully informed about the issues in this
proxy contest and should be allowed to vote today on the future of their
investments. Vivus' sitting Board has wasted enough time and stockholder money
in a blatant attempt to further entrench themselves.
“We encourage Vivus' stockholders to vote their shares on the WHITE proxy
card. If stockholders have already voted Vivus' gold proxy card, they can
still vote the WHITE card. Every vote counts and every stockholder's vote is
important no matter how many shares they own. Even if stockholders do not vote
for all of our nominees, they should vote our WHITE proxy. Telephone, internet
and ProxyEdge voting may not be available to all stockholders. Please call
MacKenzie Partners at the number below for assistance.”
You can find additional details regarding our nominees' strategic plan for
value creation at http://www.ourmaterials.com/VVUS/. However, the execution of
any strategic plan, including the hiring of any management personnel, will be
subject to the fiduciary duties of the directors, if elected.
If you have any questions, require assistance with voting your WHITE proxy
card, or need additional copies of the proxy materials, please contact our
proxy solicitor, MacKenzie Partners, Inc. at (212) 929-5500 or Toll-Free (800)
322-2885.
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