The company’s founder Joe Kiani, a close confidante of President Joe Biden, has framed the fight as existential.
Medical device company Masimo took the unusual step of subpoenaing Glass Lewis and ISS for their private communications with shareholders about Masimo's upcoming proxy fight with activist investor Politan Capital.
Glass Lewis disclosed the subpoena to at least some of the affected investors, but it was not clear if ISS had done the same, the people said. ISS declined to comment. Glass Lewis did not respond to CNBC's request for comment.ISS and Glass Lewis deployed unusually strong language to criticize Kiani's governance of Masimo and recommended shareholders vote to elect two directors put forth by Politan. The company sued Masimo the same day ISS' recommendation first emerged.
ISS and Glass Lewis speak with shareholders as they prepare to make recommendations which, while not binding, can be crucial to passive shareholders as they decide how to vote at thousands of different companies.The subpoena is the latest twist in a saga that has played out for two years. The proxy fight between Masimo and Politan in 2023 was marked by bitter commentary and widely criticized tactics from management.
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