| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers Q > Headlines for Quigley Pharma, Inc. > News item |
Quigley's board composition on hold despite final election results
By Lisa Kerner
Charlotte, N.C., June 1 - Dissident shareholder Ted Karkus' seven director nominees received more votes than Quigley Corp.'s directors at the company's annual meeting based on a final report by IVS Associates, Inc., the inspector of election for the meeting.
Quigley said despite the report, the outcome of the election remains uncertain because on May 19, one day prior to the election, the company announced it had uncovered what it claims was an undisclosed financial arrangement between Karkus and Quigley Pharma, Inc.'s chief operating officer Dr. Richard A. Rosenbloom.
According to Quigley, Rosenbloom may have also had undisclosed financial arrangements with one of Karkus' director nominees and with John Ligums, an alleged member of the Karkus Group.
On May 29, the U.S District Court for the Eastern District of Pennsylvania ordered Quigley to operate under a standstill agreement with respect to its board's composition pending a court hearing.
Quigley said it expects the motion to be heard by June 5.
As previously reported, Quigley claimed that Karkus admitted he loaned $55,000 to Rosenbloom. However, Karkus said in sworn testimony that at no time did he have any financial arrangement with any employee of Quigley, the company said.
In addition, Quigley said that according to Rosenbloom's interview with company executives, Rosenbloom had been offered an increase in salary as well as an amount of stock to continue with the Karkus Group if the Karkus Group gained control of Quigley.
Quigley, based in Doylestown, Pa., manufactures and distributes homeopathic and health products in the United States.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.