I don't want to get too deep in the weeds on former Social Security Commissioner Michael Astrue's new job with VIVUS but it looks like he was hired as part of the resolution of a shareholder lawsuit. It looks like the shareholders won and VIVUS' old management lost. It also appears that the shareholder lawsuit came about because VIVUS hasn't been doing so well.
"Under the terms of the agreement, Charles J. Casamento Ernest Mario, Ph. D., Linda M. Shortliffe, M.D., Peter Y. Tam and Leland F. Wilson will resign from the Board effective tomorrow. The Board was expanded today from nine to 11 members. Six FMC nominees, Michael James Astrue, Samuel F. Colin, M.D., Alexander J. Denner, Johannes J.P. Kastelein, David York Norton and Herman Rosenman, are being appointed to the Board to fill the resulting vacancies. Anthony P. Zook is expected to be named VIVUS's new Chief Executive Officer and appointed to the Board. VIVUS agreed to nominate a total of 11 nominees for election to the Board at the Annual Meeting, including the six FMC nominees and Mr. Zook, as well as J. Martin Carroll, Mark B. Logan, Jorge Plutzky M.D. and Robert N. Wilson from VIVUS's slate.
ReplyDeleteStock up approximately 6% in the last three months.