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Politan Reveals Masimo Lawsuit To All Investors; Says It’s Desperate & Defamatory

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Image of Masimo v. Politan lawsuit title page

Masimo: ‘Confidential Informants’ Allege Koffey Has Breached His Fiduciary Duties as a Director

Almost exactly one week ago, Masimo and its Board of Directors filed a lawsuit against Politan Capital Management in which it alleged Politan’s proxy materials contained material misrepresentations and asked the court to order the activist investor to correct them. The company also delayed its upcoming annual stockholders meeting from July to September. Two days after that, Politan responded with a countersuit in which it asked the court to order Masimo to hold its 2024 Annual Meeting of Stockholders as soon as possible.

Now Politan has taken the unusual step of publishing Masimo’s lawsuit against them and providing it to all Masimo stockholders. The Masimo suit, which has some outrageous claims against Politan and particularly CIO Quentin Koffey, is being provided by a confident Koffey who believes investors will see it for what he says it is…a desperate attempt to stop the investor vote for independent directors.

See more on Politan publishing the Masimo lawsuit against it

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Politan Returns Fire; Files Countersuit Against Masimo & Directors in Delaware

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Politan investor presentation cover slide
Cover slide to Politan’s investor presentation

Claims Company is Violating Its Own Bylaws & Delaware Law

On Tuesday, I told you that Joe Kiani and Masimo Directors filed a lawsuit against Politan Capital Management and Quentin Koffey, asking the courts to force Poltian to correct what it claims are material misrepresentations in Politan’s proxy materials provided to Masimo stockholders. Late Wednesday, Politan returned fire, filing its own countersuit – but in a much more strategic way…

See more on Politan countersuing Masimo

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On the Defensive, Kiani & Masimo’s Claws Come Out; Postpones Annual Meeting & Sues Politan

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Masimo Sues Politan image

Company Chooses to Delay Annual Stockholders Meeting & Set New Record Date

Masimo Corporation (Nasdaq: Masi) announced on Tuesday that it has filed a lawsuit in Federal Court in California against Politan Capital Management and CIO Quentin Koffey, asking the court for an injunction to force Politan “to correct material misstatements and omissions”…in its “proxy materials.” It also says it has set a new date for its 2024 Annual Meeting of Stockholders, with a new record date, “to ensure that the vote of the Company’s stockholders is fair and fully informed.” That move is clearly in reaction to evidence uncovered by Politan of a legal but ethically questionable move called “empty voting” in an apparent attempt by an individual who is a friend of Joe Kiani to swing the vote in management’s favor – a move that Politan says would disenfranchise investors who voted.

See the latest outburst of filings and accusations between Masimo & Politan

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Masimo Releases Prelim Results for Fiscal 2024 Q2; A Tale of Two Companies

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Masimo preliminary report cover image

In other Masimo Corporation (Nasdaq: MASI) news this week (other than its raging proxy war, that is), the company released its Fiscal 2024 second-quarter revenue performance, and results were quite mixed between its two major divisions – Masimo Healthcare & Masimo Non-Healthcare (aka Masimo Consumer, the Sound United business). The company doesn’t always release preliminary data, but when they do it is typically just a few top-line numbers.

But this particular preliminary report was surprising for the amazing lack of information offered on its Consumer business unit results.

See more on this Masimo Preliminary report for Q2 of Fiscal 2024

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More Messy Masimo Madness

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All Employees Threaten to Quit (Or Did They?); Politan Calls Out Voting Irregularities; JV Partner Proposes Price for Sound United

Every day brings us closer to the Masimo 2024 Annual Meeting of Stockholders scheduled for July 25th…and virtually every day also brings us more Masimo madness. The proxy war for two seats on the Board of Directors being fought between the company management and activist investor Politan Capital Management continues to heat up. Consequently, we learn new things every week, some of which can be disturbing. This week is no exception as we discover: 1) the company publishes letters from employees that suggest they may all quit; 2) the Joint Venture Partner interested in buying a majority stake in Sound United has offered terms that specify a price range it is willing to pay; and 3) Politan has filed paperwork with the SEC that includes a letter to the Masimo Board of Directors claiming it has detected voting irregularities known as “empty voting.”

See this latest installment of the battle for Masimo…

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Masimo COO Sends Conditional Letter of Resignation to the Board

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Masimo COO Bilal Muhsin

Bilal Muhsin Has ‘No Intention of Remaining’…’If Quentin Koffey…Take[s] Control’

In a new filing with the Securities and Exchange Commission (SEC), Masimo Corporation (Nasdaq: MASI) reveals that Bilal Muhsin, its Chief Operating Officer (COO) has sent a conditional letter of resignation to the Board of Directors. The move is yet another escalation in the proxy war for control of the company between Masimo management and activist investment group Politan Capital Management – one of the company’s largest shareholders that already holds two seats on its Board.

See more on this resignation of the Masimo COO

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It May Be Hot in NJ, But the Country is Hit by a Blizzard of Masimo Filings

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Masimo from proxy website

Politan: Sound United Must Go

The annual Masimo (Nasdaq: MASI) shareholder meeting is now just four weeks away, and on Wednesday we saw a blizzard of proxy filings by both Masimo management and activist investor Politan Capital Management. The gloves are off and the pugilists are swinging. But how is this fight shaping up? Who has the upper hand?

See more on the Masimo vs. Politan proxy battle

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MESSY-mo! Masimo is a Mess – Proxy War, Board Battles, Spin-Off Conflict, Whole Co. Up for Sale, JV Partner Emerges, DOJ & SEC Investigations

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Masimo proxy cover image

The Future of Sound United Continues to Hang in the Balance

SEE STORY UPDATE NEAR END – It is total pandemonium in Masimo land as the company and Politan are engaged in a massive and really, really ugly proxy war ahead of the company’s annual meeting scheduled for July 25, 2024, at the Masimo headquarters in Irvine, CA. Details in dueling proxy filings so far have revealed many things we didn’t know up to now. And almost none of what has been revealed…is good.

Company CEO Kiani is in a fight for his professional life…Sound United is dangling in the wind of an uncertain future – and, frankly, even the entire company’s path forward is a question mark.

See More on matters at Masimo and the Sound United situation…

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Masimo Announces Double-Digit Drop in Revenues & Profits; Reveals Spin-Off Plans

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Masimo headquarters

Company Reveals Initial Plans for Spinning off Sound United Biz

Masimo Corporation (Nasdaq: MASI), yet another company in Tech that reported their financial results for the first quarter of Fiscal 2024 after the close of business on Tuesday, revealed that both revenues and profits had declined double-digit percentages in the quarter. What was remarkable about this result is that Masimo CEO Joe Kiani said in a statement in the release about the Q1 results that the company is “reaching a steady state.”

Investors apparently didn’t see it that way, as shares in MASI stock dropped almost 12% on Wednesday, the next trading day after the announcement.

See more on the Masimo Q1, Fiscal 2024 report

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Apple Files Massive Appeal; Asks Court to Overturn ITC Ban in Masimo Win

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Header for Apple Inc., v. International Trade Commission ITC & Masimo

A Heavyweight Case; 916 Pages Heavy, That Is

Last Friday, Apple, Inc. filed a massive appeal with the U.S. Appeals Court for the Federal Circuit asking the judges to overturn the ruling of the United States International Trade Commission (ITC) which sided with Masimo and ordered a ban on sales of certain models of the Apple Watch. The filing runs an impressive 916 pages long and cites multiple elements of the ITC ruling, telling the Federal Court that the commission “…both exceeded its authority and issued a series of flawed substantive rulings.”

Apple says: ‘The Commission’s decision cannot stand.’

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