QVT Financial Lowers Stake in Vivus, Inc. (VVUS) to 8.3%; Says Company Should Be Sold

November 15, 2012 4:55 PM EST
In a 13D filing on Vivus, Inc. (NASDAQ: VVUS), hedge fund QVT Financial disclosed a 8.3%, or 8,346,697 share, stake in the company. This is down 8.09% from the 9,081,135 shares held at the end of the latest quarter ending September 30, 2012.

QVT Financial said the company should be sold, and inquired about a board seat.

From the Filing:
In connection with their continued monitoring of their investment in the Common Stock, representatives of the Reporting Persons (“QVT”) had planned to meet with Leland F. Wilson, chief executive officer of the Issuer, on November 14, 2012, following the Issuer’s announcement on November 6, 2012, of its results for the quarter ended September 30, 2012. Accordingly, on November 14, 2012, QVT met with Mr. Wilson and had a constructive discussion with him about, among other things, the Issuer’s publicly disclosed plans for Qsymia and QVT’s concerns as to the Issuer’s approach to marketing that drug arising in part from the Issuer’s results for the quarter. Based on those concerns, QVT expressed its opinion that shareholder value would be better served by a sale of the Issuer, rather than by having the Issuer continue to market Qsymia. QVT also inquired about a representative of QVT being appointed to the Board. The meeting ended cordially and, in response to a request by QVT, Mr. Wilson agreed to facilitate discussions in the very near future between QVT and members of the Board to discuss these critical matters.

For more notable holders of Vivus, Inc. stock click here.

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