KV sets record date for shareholder action on bylaws
Marc Hermelin - the ousted head of KV Pharmaceutical Co. - and other key shareholders inched closer to implementing their proposed changes to the bylaws of the Brentwood-based drug maker.
On Wednesday, KV announced it had set Sept. 11 as the record date used to determine which shareholders can participate in a proposal to amend the bylaws.
The Hermelin group, which includes family members and representatives of various trusts, filed a request last month to amend the bylaws so the group, as majority shareholders, would have greater influence over the company. The group holds 63 percent of KV’s controlling Class B shares. Under the current bylaws, amendments can be made through a written request by a majority of shareholders.
The group first made an request in August, but the company said that attempt failed because the group didn’t request a record date. Last week, the group resubmitted the request.
KV hasn’t approved the proposed changes and it isn’t seeking stockholders to take any action on the proposal, the company said in a statement.
Wasn’t there a reason the Hermelin’s were ousted from this company?
Technically, no. When the board fired Hermelin as CEO, it wouldn’t give a precise reason, only saying that it was for “just cause.”
The reason the Hermelins where asked to leave was mismanagement. It was a shame that 900 people lost their jobs needlessly. This company has been under the watchful eye of the SEC and FDA for years and continued to snubb their noses at these federal controlling agencies. Mismanagement was, and still is, running rampent throughout this company. It’s been nearly a year since they have produced product and looks like it will be some time before they do. Their consulting firm (Lachman) are wasting their time. Those of us that knew where the problems were, and made suggestions on how to rectify them, were ignored and in most cases shown the door in January and February. Maybe if this company spent the money on new equipment to prevent the numerous recalls instead of the rain forrest around there buildings this all could have been avoided. Mr. Hermelin, if you want to plant a tree do it in Isreal.