Icahn Sues Amylin

Carl Icahn filed a complaint Monday against Amylin Pharmaceuticals (NASDAQ:AMLN) seeking to block enforcement of a bylaw that prevents the investor from launching a fight that could lead to a sale of the pharmaceuticals company.

Icahn holds an 8.94 percent stake of the diabetes drug maker, making him Amylin’s third-largest shareholder. He blamed the company for failing to reveal its rejection of a $3.5 billion unsolicited takeover bid from Bristol-Myers Squibb Co. (NYSE:BMY).

The suit filed in Delaware Chancery Court sought to prevent Amylin from enforcing a bylaw requiring shareholders to provide advance notice of board candidates. He said the shareholders deserve another chance to nominate directors who could push for a sale, given changes since the previous January 25 deadline.

Amylin responded in a statement, “We believe Mr. Icahn’s lawsuit is without merit. Amylin’s board is fully aware of its fiduciary duties, and is committed to always acting in the best interests of all stockholders.”

At Monday’s close, Amylin shares were down 1.66 percent to $23.72.