CALIFORNIA : SOUTHLAND FOCUS : ICN Names Activist Shareholder to Board
ICN Pharmaceuticals Inc. named activist shareholder David Batchelder to its board. ICN’s chairman and chief executive, Milan Panic, is being urged to resign after the Securities and Exchange Commission charged last month that ICN executives misled investors about a drug’s development. Since then, the Costa Mesa-based company’s shares have tumbled. Batchelder buys stakes in troubled companies and seeks to turn them around. ICN stock fell 63 cents to close at $21.19 on the New York Stock Exchange.
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