First Manhattan Chastises Vivus For Inept Management

First Manhattan Co., an investment management firm, in a letter to VIVUS, Inc. (NASDAQ:VVUS) shareholders, justified why its nine nominee directors should be elected.

The investment advisory firm castigated VIVUS, Inc. (NASDAQ:VVUS)’s board for having limited knowledge of finance. It also charged the company of ‘hemorrhaging cash’ and with a ‘poor commercial launch for the best obesity drug ever developed’.

First Manhattan Co, with a 9.9 percent stake in the company, has been the most active critic, claiming the company's management lacked experience to launch a major drug.

Negligible Stock Ownership

In its letter to the...