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On the Defensive, Kiani & Masimo’s Claws Come Out; Postpones Annual Meeting & Sues Politan

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Masimo Sues Politan image

Company Chooses to Delay Annual Stockholders Meeting & Set New Record Date

Masimo Corporation (Nasdaq: Masi) announced on Tuesday that it has filed a lawsuit in Federal Court in California against Politan Capital Management and CIO Quentin Koffey, asking the court for an injunction to force Politan “to correct material misstatements and omissions”…in its “proxy materials.” It also says it has set a new date for its 2024 Annual Meeting of Stockholders, with a new record date, “to ensure that the vote of the Company’s stockholders is fair and fully informed.” That move is clearly in reaction to evidence uncovered by Politan of a legal but ethically questionable move called “empty voting” in an apparent attempt by an individual who is a friend of Joe Kiani to swing the vote in management’s favor – a move that Politan says would disenfranchise investors who voted.

See the latest outburst of filings and accusations between Masimo & Politan

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Masimo Releases Prelim Results for Fiscal 2024 Q2; A Tale of Two Companies

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Masimo preliminary report cover image

In other Masimo Corporation (Nasdaq: MASI) news this week (other than its raging proxy war, that is), the company released its Fiscal 2024 second-quarter revenue performance, and results were quite mixed between its two major divisions – Masimo Healthcare & Masimo Non-Healthcare (aka Masimo Consumer, the Sound United business). The company doesn’t always release preliminary data, but when they do it is typically just a few top-line numbers.

But this particular preliminary report was surprising for the amazing lack of information offered on its Consumer business unit results.

See more on this Masimo Preliminary report for Q2 of Fiscal 2024

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More Messy Masimo Madness

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All Employees Threaten to Quit (Or Did They?); Politan Calls Out Voting Irregularities; JV Partner Proposes Price for Sound United

Every day brings us closer to the Masimo 2024 Annual Meeting of Stockholders scheduled for July 25th…and virtually every day also brings us more Masimo madness. The proxy war for two seats on the Board of Directors being fought between the company management and activist investor Politan Capital Management continues to heat up. Consequently, we learn new things every week, some of which can be disturbing. This week is no exception as we discover: 1) the company publishes letters from employees that suggest they may all quit; 2) the Joint Venture Partner interested in buying a majority stake in Sound United has offered terms that specify a price range it is willing to pay; and 3) Politan has filed paperwork with the SEC that includes a letter to the Masimo Board of Directors claiming it has detected voting irregularities known as “empty voting.”

See this latest installment of the battle for Masimo…

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In a Rare Move in Asia, Workers’ Union Calls for a Strike at Samsung

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The NSEU union orders a strike at Samsung

The National Samsung Electronics Union (NSEU) announced on Monday that it will launch a general strike against Samsung that will continue until the company meets its demands for better pay and more time off, according to a report by Reuters. The union went on to warn “of [a] more damaging action” against the company than a one-day walkout last month.

See more about a nasty labor situation building at Samsung

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Masimo COO Sends Conditional Letter of Resignation to the Board

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Masimo COO Bilal Muhsin

Bilal Muhsin Has ‘No Intention of Remaining’…’If Quentin Koffey…Take[s] Control’

In a new filing with the Securities and Exchange Commission (SEC), Masimo Corporation (Nasdaq: MASI) reveals that Bilal Muhsin, its Chief Operating Officer (COO) has sent a conditional letter of resignation to the Board of Directors. The move is yet another escalation in the proxy war for control of the company between Masimo management and activist investment group Politan Capital Management – one of the company’s largest shareholders that already holds two seats on its Board.

See more on this resignation of the Masimo COO

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It May Be Hot in NJ, But the Country is Hit by a Blizzard of Masimo Filings

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Masimo from proxy website

Politan: Sound United Must Go

The annual Masimo (Nasdaq: MASI) shareholder meeting is now just four weeks away, and on Wednesday we saw a blizzard of proxy filings by both Masimo management and activist investor Politan Capital Management. The gloves are off and the pugilists are swinging. But how is this fight shaping up? Who has the upper hand?

See more on the Masimo vs. Politan proxy battle

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As LCD TV Biz Slides, Sharp Sells Its Largest Panel Factory to AI Companies

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Sharp Sakai factory

Are Onkyo & Integra Connected to This Story?

In yet another sign of mega changes in the electronics industry, news comes to us out of Japan via the Nikkei that Sharp Corp. – a division of Apple supplier Foxconn – is in negotiation to sell off a majority of the property and factory associated with its largest LCD panel manufacturing facility in Japan. That news alone surprised many in Japan, as Sharp has been a world leader in developing LCD TVs, but also surprising is that it would choose to sell this facility, a flagship for them in Sakai, a coastal city in Osaka.

Also surprising, a bidding war has broken out as multiple big players seek to turn the factory into a data center for use in generative AI, a technology in which Japan feels it lags.

See more on Sharp selling most of its top LCD panel factory for AI

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Resideo, New Owner of Snap One & Control4, Reports Fiscal 2024 Q1 Results

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Resideo cover page for Q1 2024 results

Resideo & Snap One Deal Expected to Close Friday, June 14th

Resideo Technologies, Inc. (NYSE: REZI), a manufacturer and distributor of security and related products for business and home – and soon to be the new owner of Snap One and Control4 – announced its fiscal 2024, first quarter financial results. Considering the looming event that will make Resideo an important partner to many in the custom integration business – the closing of its acquisition of Snap One/Control4 on Friday, June 14, 2024 – I am launching a more detailed coverage of the company.

So…given that Resideo is about to spend $1.4 billion, or 20% of their gross revenues – to acquire Snap One, you’d think that things must be going really, really well for Resideo. But are they???

See how Resideo did in its first quarter of fiscal 2024

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MESSY-mo! Masimo is a Mess – Proxy War, Board Battles, Spin-Off Conflict, Whole Co. Up for Sale, JV Partner Emerges, DOJ & SEC Investigations

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Masimo proxy cover image

The Future of Sound United Continues to Hang in the Balance

SEE STORY UPDATE NEAR END – It is total pandemonium in Masimo land as the company and Politan are engaged in a massive and really, really ugly proxy war ahead of the company’s annual meeting scheduled for July 25, 2024, at the Masimo headquarters in Irvine, CA. Details in dueling proxy filings so far have revealed many things we didn’t know up to now. And almost none of what has been revealed…is good.

Company CEO Kiani is in a fight for his professional life…Sound United is dangling in the wind of an uncertain future – and, frankly, even the entire company’s path forward is a question mark.

See More on matters at Masimo and the Sound United situation…

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Panasonic Decides to Exit High-End Projector Biz; Puts Biz Unit Up for Sale

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Panasonic puts its projector business up for sale

For many generations, Panasonic Holdings has been a leading global technology innovator and while its business model has shifted in the last few years, it still holds much respect around the world. Now we’ve learned that the company has decided to sell off its high-end projector unit in order to refocus its resources on digital supply chain systems.

See more on this consequential decision by Panasonic to drop projectors

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