HEALTH CARE
From Times Staff and Wire Reports
ICN Pharmaceuticals Loses Round in Court: At a hearing in Manhattan federal court, U.S. District Judge John Sprizzo denied ICN Pharmaceuticals Inc.’s request for a court order blocking stockholder Rafi Khan from organizing a shareholder move to replace the Costa Mesa-based firm’s board. Judge Sprizzo ruled that Khan has told shareholders enough about his own legal entanglements to be allowed to take his campaign to ICN shareholders. Sprizzo’s decision was made in response to a lawsuit that ICN filed against Khan, formerly a stockholder at ICN’s investment bank, after Khan filed documents last spring with the SEC that would allow him to seek shareholder support for his drive to oust ICN directors, including Chairman Milan Panic.
