Depomed Inc. shares gained in late trading Thursday after activist investor Starboard Value LP disclosed a fresh stake in the pain-pill firm and attacked the company’s board in a filing. Starboard has amassed a stake of about 6.8% of the Newark, Calif., company, and intends to nominate its own directors due to “concerns regarding serious corporate governance deficiencies, questionable capital allocation decisions, and egregious actions” by Depomed’s current board of directors, according to a filing with the Securities and Exchange Commission. Depomed fought off a hostile takeover offer by Horizon Pharma PLC last year, a move that Starboard characterized as “shareholder-unfriendly” in Thursday’s filing. Depomed stock, which has fallen 33% in the past year and has lost more than half its 52-week peak, gained 6.8% in after-hours trading Thursday.
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