Masimo Issues Statement Following Court’s Order Holding Politan and Quentin Koffey in Contempt and Finding Politan Made False Statements to Stockholders

Masimo Corporation (“Masimo” or the “Company”) (NASDAQ: MASI), a global leader in noninvasive monitoring technologies and audio products, today issued a statement following two rulings by the U.S. District Court for the Central District of California (“the Court”): one that finds Politan Capital Management LP (“Politan”) and Quentin Koffey are in contempt of court in connection with their September 12, 2024 violation of a court order, and another that finds Politan made false and misleading statements to stockholders.

At the hearing, the Court stated that a reasonable stockholder would consider Politan’s and Quentin Koffey’s contempt when evaluating the arguments of both parties ahead of the upcoming 2024 Annual Meeting.

In its ruling on Masimo’s motion, which has now been made public, the Court also found that Politan and Quentin Koffey actively and repeatedly disseminated materially false and misleading statements to Masimo stockholders. The Court’s ruling confirms that Quentin Koffey and Politan, who are seeking control of Masimo, have been dishonest with stockholders.

Additionally, the Court found that Politan’s false statements improperly influenced the recommendations made to stockholders by ISS and Glass Lewis.¹ Notably, Egan-Jones, the sole proxy advisory firm to issue its recommendation following access to and review of post-litigation discovery facts and Politan’s corrections, has recommended that stockholders vote in favor of only Masimo’s director nominees – Joe Kiani and Christopher Chavez.

The Court did not issue an injunction because Masimo did not sufficiently plead economic loss as a result of Politan’s false and misleading statements and in light of Politan’s corrective disclosures made in response to the litigation.

Politan’s and Quentin Koffey’s September 12^th press release, for which they have now been held in contempt, falsely implied that the preliminary injunction was denied because Masimo’s “allegations did not hold up in court.” This is yet another example of Politan’s attempts to mislead Masimo stockholders.

The Company stated, “Today’s rulings further validate our view that Politan and Quentin Koffey are not qualified to lead Masimo. They do not have a plan for the business or the leadership team, and lack relevant expertise needed to build on our financial momentum. And, today, a federal Judge held them in contempt of court. This underscores a clear lack of integrity and commitment to operating in an ethical manner. In contrast, Masimo has always acted with integrity, keeping the best interests of patients and stockholders at the forefront of our thinking. To that end, Masimo has made concrete commitments to usher in changes that stockholders have said they want, including separating our consumer business and expanding the Board with more independent directors. Change is happening at Masimo, and we are proving that through our actions, not just our words.”