Bradley Pharmaceuticals: complaint filed against company regarding board expansion

By Lisa Kerner

Charlotte, N.C., Aug. 16 - Bradley Pharmaceuticals Inc. said Costa Brava Partnership III LP filed a complaint against the company seeking a declaration that the board of directors improperly expanded its size to nine seats from eight seats.

The complaint, filed in the Court of Chancery of the State of Delaware, contends the board did not permit the new seat to be appointed by the directors elected by the holders of Bradley's common stock, according to an 8-K filing with the Securities and Exchange Commission.

Costa Brava also alleges that the appointment of the most recent director is invalid and void and that Bradley's class B common stock is entitled to one vote per share, not five votes per share.

The company said it will vigorously defend the lawsuit.

Bradley is a pharmaceutical company located in Fairfield, N.J.

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