Quigley gets new board after court ruling; Karkus elected chairman

By Lisa Kerner

Charlotte, N.C., June 15 - Dissident shareholder Ted Karkus and his slate of nominees were seated as directors of Quigley Corp. and Karkus was elected chairman on Friday after the U.S. District Court for the Eastern District of Pennsylvania rejected remaining challenges to the May 20 shareholder meeting voting results.

Quigley said Guy Quigley voluntarily resigned as an officer and director of the company immediately following the court's ruling.

As previously reported by Prospect News, Karkus' seven director nominees received more votes than Quigley's directors at the company's annual meeting based on a final report by IVS Associates, Inc., the inspector of election for the meeting.

In addition to electing Karkus as chairman, the new board elected members to its audit committee, compensation committee and corporate governance and nominating committee.

Referencing Quigley's previously filed first-quarter report, Karkus said the board "will have the immediate and daunting task of halting the precipitous decline in financial performance that the company has experienced over the past few years."

"Our long term goals include restoring investor confidence in the company, its management and its prospects," Karkus said.

The election outcome had been uncertain after Quigley said it learned of an undisclosed financial arrangement between Karkus and Quigley Pharma, Inc.'s chief operating officer, Dr. Richard A. Rosenbloom.

Quigley, based in Doylestown, Pa., manufactures and distributes homeopathic and health products in the United States.

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