3 Dissidents Win ICN Posts; Challenge Possible
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Confirming preliminary results, ICN Pharmaceuticals Inc. said Friday that three dissidents have won seats on the Costa Mesa company’s board.
The three were nominated by a shareholders group dissatisfied with the direction of the company. The new directors are Ronald R. Fogelman, former Air Force chief of staff; Edward A. Burkhardt, former chairman of Wisconsin Central Transportation Co.; and Steven J. Lee, chairman of PolyMedica Corp.
ICN said in a news release that it reserves the right to challenge the election through a pending lawsuit in federal court in New York. The lawsuit asks the court to disqualify votes received by the dissident group.
The drug maker’s stock fell $1.48 to $31.01 Friday on the New York Stock Exchange.
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