Jana Partners Responds To Freshpet’s Half-Measure Attempt To Resolve Rampant Conflicts Of Interest & Governance Failures

$FRPT

NEW YORK – June 5, 2023 – JANA Partners (“JANA”), which along with its affiliates and partners, owns 9.5% of Freshpet, Inc. (NASDAQ:FRPT) (“Freshpet” or the “Company”) today issued the following statement responding to the resignation of Freshpet director David Basto and the Company’s purported effort to engage with JANA.

Barry Rosenstein, Managing Partner at JANA, commented, “We believe the Freshpet Board’s latest bid to patch its fundamental governance issues with the smallest, halfhearted adjustment is yet another self-serving attempt to preserve the status quo. While the long overdue resignation of David Basto might cure a symptom, we believe the root cause of the Board’s seeming dysfunction—rampant conflicts of interest, oversight failures, breaches of fiduciary duty, and entrenchment tactics—all remain unaddressed. We will continue to advocate for the meaningful Board level change required at Freshpet and remain open to a resolution that satisfactorily achieves it.”

On May 24, 2023, JANA announced that it will be nominating four highly qualified candidates to Freshpet’s Board at the Company’s 2023 Annual Meeting, scheduled for July 25, 2023.

Shareholders with questions can contact JANA’s proxy solicitor, Innisfree M&A Incorporated, at (212) 750-5833.

Source:

https://www.sec.gov/Archives/edgar/data/1159159/000090266423003413/p23-1714dfan14a.htm