ISS Urges Vivus Stockholders Not To Vote Vivus Gold Proxy Card - Quick Facts

(RTTNews) - First Manhattan Co. or "FMC", an owner-managed and operated investment advisory firm and the owner of nearly 9.9 percent of VIVUS, Inc.'s (VVUS) outstanding shares, announced that two proxy advisory firms, Institutional Shareholder Services Inc. or "ISS" and Egan Jones Proxy Services have urged that Vivus stockholders vote for the election of FMC director nominees to the Vivus board. Egan Jones recommends that stockholders vote for all nine of FMC's nominees on the WHITE proxy card. ISS recommends a vote for three of FMC's nominees on the WHITE proxy card, also urging that stockholders do not vote Vivus' gold proxy card.

First Manhattan believes that recent comments by Glass Lewis, a third proxy advisory firm, are a strong recognition of the need for change at Vivus. Lewis said that Vivus' significant stock price underperformance is a reasonable cause for shareholder concern; and Vivus' initial stand-alone commercialization plan for Qsymia is ill advised and that it is unclear whether Vivus' sudden shift to seeking a commercial partner would not have occurred without pressure from First Manhattan. First Manhattan hopes that Glass Lewis' recommendation of a withhold vote for two of Vivus' nominees is a strong endorsement for a change in the Vivus board.