Masimo Says "Politan And Quentin Koffey Have Relied On Misleading And False Statements To Distract Both Stockholders And Proxy Advisory Firms From Their Lack Of A Plan Or Strategy For Masimo"; ISS And Glass Lewis Based Recommendations; Egan-Jones Recommends "For" Both Of Masimo's Director Nominees Following Multiple Corrective Disclosures By Politan

Author: Benzinga Newsdesk | September 12, 2024 12:29pm

ISS and Glass Lewis Based Recommendations Upon Politan's Lies; Egan-Jones Recommends "FOR" Both of Masimo's Director Nominees Following Multiple Corrective Disclosures by Politan

Control of Masimo Depends on September 19 Vote – Stockholders Urged to Vote "FOR" Only Masimo's Director Nominees, Joe Kiani and Christopher Chavez, on the Updated GOLD Proxy Card

Masimo Corporation ("Masimo" or the "Company") (NASDAQ:MASI), a global leader in noninvasive monitoring technologies and audio products, today set the record straight in response to Politan Capital Management LP ("Politan") and Quentin Koffey's preemptive press release regarding an order from the U.S. District Court for the Central District of California that is still under seal.

Masimo's lawsuit forced Politan to issue several new disclosures, including on the morning of the hearing, to correct its false and misleading statements and to provide material information Politan previously concealed from Masimo stockholders, ISS and Glass Lewis. These false and misleading statements include:

• Politan and Quentin Koffey Lied About the Spin-off. Mr. Koffey falsely claimed that the Special Committee had unanimously rejected the term sheet he had previously agreed upon with Mr. Kiani. In fact, Politan's corrective disclosures revealed that Mr. Koffey never shared the agreed upon term sheet with any other member of the Special Committee.
• Politan and Quentin Koffey Lied About the Board's Role in the Sale Process. Mr. Koffey falsely claimed that the Board authorized Mr. Kiani to carry out a sale of the Company without further Board oversight. In fact, Politan's corrective disclosures revealed that Mr. Koffey knew this not to be true.
• Politan and Quentin Koffey Lied About the Outcome of the Sale Process. Mr. Koffey falsely implied that Mr. Kiani unilaterally rejected offers for Masimo because those offers didn't satisfy Mr. Kiani personally. In fact, Politan's corrective disclosures revealed that Mr. Koffey knew that Masimo had not received or rejected any offers.

Masimo issued the following statement:

"Politan and Quentin Koffey have relied on misleading and false statements to distract both stockholders and proxy advisory firms from their lack of a plan or strategy for Masimo. In stark contrast, Masimo has made concrete commitments to usher in changes that stockholders have said they want, including separating our consumer business and expanding the Board with more independent directors. Our recent earnings clearly show that our strategy is working. We urge stockholders not to put this momentum at risk by handing control to an inexperienced team with no strategy or leadership plan for the business, particularly in light of the fact that Mr. Kiani has been clear about his intentions to depart the Company should Politan gain control of the Board. Masimo's COO, Bilal Muhsin, has also declared his intent to resign if Politan gains control of the Board, and more than three hundred other employees, including senior executives, have expressed that they may follow suit."

Posted In: MASI