Politan ‘pleased’ by judge’s decision to deny Masimo’s request for injunction

Politan Capital Management, an 8.9% shareholder of Masimo, issued a statement regarding last night’s ruling in California federal court denying Masimo’s attempt to block Politan from voting the proxies it collects. The full opinion is currently under seal while determinations are made regarding redacting any confidential information it contains. The company’s 2024 Annual Meeting of Stockholders is currently scheduled for September 19. Politan and its founder and Chief Investment Officer Quentin Koffey stated: “We are pleased by the court’s ruling, which removes the last barrier to shareholders having an opportunity to elect truly independent directors to Masimo’s Board of Directors at the upcoming Annual Meeting. By seeking to prohibit Politan from voting its proxies, Masimo’s litigation was always nothing more than a desperate move to prevent a fair election. We are extremely appreciative of the extraordinary effort that was undertaken by the California federal court to digest a massive volume of materials and information in less than a month. We also appreciate the Delaware Court of Chancery’s work and implementation of a status quo order, which ensures Masimo cannot enter into any significant transaction between now and September 19 and that an orderly meeting will be conducted. Throughout the case Masimo made dozens of accusations against Politan, seemingly coming up with endless new claims as their original arguments were exposed to be false. Politan produced more than 17,500 documents and more than 97,500 pages of materials in response to the Company’s aggressive discovery requests… Overall, the legal process further reinforced why independent oversight on Masimo’s Board is so urgently needed. Under the current Board, Masimo will recklessly spend shareholder resources and say anything – including making allegations based on “quadruple hearsay”4 with “witnesses” that don’t even exist – to mislead investors. While Masimo will likely attempt to falsely spin even this ruling to attack Politan, our focus is on the September 19 meeting. We look forward to shareholders finally having a chance to make their voices heard.”