Starboard Calls Shareholders Meeting For Replacing Current Depomed Board

(RTTNews) - Starboard Value LP, one of the largest shareholders of Depomed Inc. (DEPO) with an ownership interest in approximately 9.9% of Depomed's outstanding shares, today announced it has delivered an open letter to Depomed shareholders and intends to recommence the process for calling a Special Meeting of Depomed shareholders for removing and replacing the current Depomed Board of Directors with a modified slate of six director nominees.

Starboard believes the Board clearly lacks the independence, objectivity, and perspective needed to make decisions that are in the best interests of shareholders.

Today, Starboard is filing preliminary proxy materials with the SEC in furtherance of soliciting the requisite requests to deliver the special meeting request.