PHARMACEUTICAL: Alert raised by Elan over director Schuler
PHARMACEUTICAL group Elan has notified the US stock market regulator of "issues" relating to its director Jack Schuler.
Elan disclosed that it had referred "issues which could potentially involve violations" of his obligations as a director under US and/or Irish laws to the US Securities and Exchange Commission (SEC).
Limited details of the issues involved have emerged as another rebel shareholder, Ib Sonderby, yesterday introduced a slate of four alternative directors he wants appointed to the board.
Mr Schuler, who ran a sustained campaign for improved corporate governance and industry expertise on Elan's board, was elected as a director in July 2009.