Freshpet's Largest Shareholder, Jana Partners, Pushes for Strategic Overhaul
Portfolio Pulse from Vandana Singh
Jana Partners, Freshpet's largest shareholder with a 9.3% stake, plans to launch a proxy battle and nominate four directors. Jana accuses Freshpet's board of disregarding shareholder duties and using corporate resources for outside interests. Freshpet reported Q1 FY23 sales growth of 26.7% YoY to $167.52 million.
May 25, 2023 | 12:22 pm
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Freshpet faces a proxy battle with Jana Partners, its largest shareholder. Jana accuses the board of disregarding shareholder duties and seeks strategic changes. Freshpet reported strong Q1 FY23 sales growth.
Jana Partners' proxy battle and accusations against Freshpet's board may negatively impact the company's stock price in the short term. However, the strong Q1 FY23 sales growth could partially offset the negative sentiment.
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