Third Point Management lost a ruling that would have fast-tracked the removal of several Campbell Soup Company's board members, although the court decided the fund can still proceed with the discovery process.
Third Point is pleased the case will proceed as "shareholders deserve to know whether the current board has acted truthfully and has put interests of shareholders ahead of those of insiders," the investment company said in a statement.
Campbell's is being sued for an alleged "campaign of misinformation" aimed at securing shareholder votes in an effort to ensure the board members remain in control of the company. Daniel Loeb's hedge fund is seeking to replace Campbell’s entire board of directors in a November shareholder vote.
