Masimo (NASDAQ:MASI) today issued the following statement in response to the complaint filed by Politan Capital Management (“Politan”) in the Delaware Court of Chancery (the “Lawsuit”):
We believe this lawsuit is being initiated after the Masimo Board refused to accede to Politan’s strongarm demands for Board representation, including its demand for a board seat for Politan’s founder, Quentin Koffey, who has never served on a corporate board and has no relevant experience in Masimo’s industry. Politan accumulated a nearly 9% stake in Masimo without any prior dialogue with the Company, and its lawsuit is an effort to disguise its self-serving agenda. Masimo’s Board continues to be highly focused on serving the best interests of all shareholders.
The bylaw amendments were adopted by the Masimo Board after thoughtful consideration. They are designed to improve transparency to ensure that stockholders receive information relevant to an informed vote. We reject the premise that an activist hedge fund attacking a public company should be allowed to hide its web of financial entanglements and significant financial backers.
Quinn Emanuel Urquhart & Sullivan LLP, Paul Hastings LLP and Abrams & Bayliss are acting as legal counsel to the Company.
