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Amylin Pharmaceuticals

The board of directors for Amylin Pharmaceuticals refuse to defuse proxy puts that would force the company to repay $900 million in outstanding debt if a majority of its 12 directors are replaced in a proxy contest, a shareholder class action claims in Delaware Chancery Court.

Directors could neutralize the situation by approving two election slates, but they refuse to do so because they want to remain in office, the lawsuit claims.

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