US investment fund Third Point, which is calling for change at Campbell Soup, of which it owns 6.98%, has accused the company of misleading shareholders in relation to the calibre of its directors and its strategic review. The firm said that while Mr Campbell, who was appointed chief executive last year, had been a "valued shareholder" since he joined the company, his appointment as chairman did not mean he would be able to Third Point has asked the court to prevent Campbell from holding its 29 November shareholder meeting until the firm corrects information about the board.
US investment fund Third Point, which is calling for change at Campbell Soup, of which it owns 6.98%, has accused the company of misleading shareholders in relation to the calibre of its directors and its strategic review. In a suit filed in New Jersey, Third Point said the firm and its directors, "breached their fiduciary duties to Campbell's stockholders by withholding material information critical to stockholders assessing how to vote at the company's annual meeting". Third Point has asked the court to prevent Campbell from holding its 29 November shareholder meeting until the firm corrects information about the board.