Vivus delays AGM to Thursday

Vivus Inc. (NASDAQ:VVUS) delayed its annual shareholder meeting to Thursday from Monday in the latest move in an ongoing proxy battle between Vivus and investor First Manhattan Co. The biotech said the delay provides time for First Manhattan to correct "false and misleading statements" made to Vivus shareholders regarding the recommendations of proxy advisory service Institutional Shareholder Services and gives shareholders "sufficient time to consider accurate information." First Manhattan called the move a "delaying tactic."

On Saturday, Vivus invited three of First Manhattan's proposed slate of nine directors to join Vivus' board, regardless of the outcome of the shareholder vote. The biotech said it "has become clear to the Vivus board that many stockholders favor some change to the composition" of Vivus' board. First Manhattan has been a Vivus shareholder since 2008 and holds a 9.9% stake in the company. The firm has been dissatisfied with Vivus' launch of obesity drug Qsymia phentermine/topiramate, which had 1Q13 revenues of $4.1 million. ...