2023-06-06 10:49:07 ET
Freshpet ( NASDAQ: FRPT ) rose 3% as the pet food maker postponed its annual meeting to October from July amid a lawsuit from Jana Partners as the activist tries to get four board seats.
Jana, which has a 9.5% stake in Freshpet ( FRPT ), sued the pet food maker o n Thursday, alleging that a recent move to reduce the number of directors up for election and accelerate the date of its annual meeting is a violation of Delaware law and a breach of the company's fiduciary duties.
"JANA’s litigation about the timing of the meeting and the placement of the directors in the appropriate classes has made holding the 2023 Annual Meeting in July unfeasible," Freshpet said in a statement on Tuesday. "As a result, the Company will postpone the 2023 Annual Meeting to a date in October, a similar time period as last year."
Freshpet ( FRPT ) expects to have an additional candidate available to stand for election as a Class III director at the annual meeting in October.
In March, Jana said Freshpet ( FRPT ) required either a "significant" board change or, in the absence of a boardroom change, a sale of the company.
Freshpet ( FRPT ) is set to present at the Stifel 2023 Cross Sector Insight Conference on Tuesday at 3 pm.
More on Freshpet:
- Freshpet: Stale Economics
- Freshpet: A Neutral View
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Freshpet: Activist Pressure Might Lead To Company Sale
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Freshpet gains 3% as it postpones holder meeting amid proxy battle with Jana