Masimo holder Politan comments on company’s ‘latest entrenchment maneuvers’

Politan Capital Management an 8.9% shareholder of Masimo responded to the Company’s Board of Directors moving Masimo’s Annual Meeting of Stockholder previously scheduled for July 25 to September 19. Politan also commented on the Board bringing a lawsuit in federal court against Politan and its founder and CIO Quentin Koffey. Mr. Koffey is also a member of the Masimo Board. On Monday, ISS wrote that Masimo, “has a corporate governance track record that is firmly among the most troubling of any modern public company,” and that CEO and Chairman Joe Kiani, “has demonstrated that he has no regard for public shareholders. He has been at the center of so many corporate governance scandals and abuses that no credible argument exists to the contrary.” Today’s actions are more of the same. This is not about Politan’s proxy materials. There are no misstatements. Politan has never had any contact with “plaintiff’s counsel” involving litigation against Masimo and does not even know what Mr. Kiani is referring to. The reality is that moving the Annual Meeting – which was scheduled to be held in nine days – back two months is nothing more than a desperate attempt to prevent the voices of Masimo’s shareholders from being heard. Despite Masimo’s bylaws and Delaware law requiring the Company hold an Annual Meeting within 13 months of the last one, Mr. Kiani is delaying the Annual Meeting to a date 15 months past the last meeting, and he has calculated that the time it takes for Politan to go to court and compel a meeting could allow him to get away with such a substantial delay. As Politan made clear in a letter sent to the Board on July 15, even if the Board truly wanted to address the empty voting issue, there was no need for the meeting to be rescheduled for any later than August 5.”