On June 1, Jana Partners filed suit against Freshpet in the Delaware Chancery Court.
In September 2022, Jana Partners made an investment in Freshpet after the company's stock had dropped by approximately 74%.The firm liked the company and its business a lot, but thought that it was mismanaged and needed a reconstituted board to institute more focus and management accountability.
Forget about corporate governance infractions like a staggered board, which itself is a red flag. Freshpet had unique and somewhat unprecedented examples of at the very least, the board not holding management accountable, and at the worst, serious conflicts., a grocery and retail delivery service that focuses on the sustainability and environmental impact of the goods offered. Those goods include high-quality pet food and treats in direct competition with Freshpet.
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