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Article: Nabi Shareholders Rumbling, Citing Management 'Blunders'.
- Article from:
- BIOWORLD Today
- Article date:
- November 3, 2009
CopyrightCOPYRIGHT 2009 A Thomson Healthcare Company. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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West Coast Editor
The letter from a major shareholder of Nabi Pharmaceuticals Inc., attacking CEO Thomas McLain for the company's "abysmal" performance and "bargain-basement stock price," sent Nabi's shares up about 5 percent on the day it was made public last week, but the story may not be over.
"It's coming to a head," said analyst Robert Wasserman with Jesup & Lamont Securities in Boca Raton, Fla., where Nabi also is based. He noted that the letter from Daniel Loeb, CEO of Third Point, a New York-based hedge fund that owns 9.5 percent of Nabi's outstanding shares, was "more pointedly personal" than previous grumblings.
Loeb pointed out that ...
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