Freshpet Board Accused in Suit by Activist Jana of Breaching Duty

Freshpet Inc.’s board members were sued by activist shareholder Jana Partners over claims they breached their fiduciary duty by changing the number of directors up for election and accelerating its annual shareholder meeting.

Jana Partners, which has declared a proxy fight against the pet food maker, said in a complaint filed Thursday in Delaware Chancery Court that Freshpet directors “blatantly misused the corporate machinery to maintain their power in a clear breach of their fiduciary duties.”