Freshpet Board’s Fight With Jana Partners Leads to Investor Suit

A shareholder sued Freshpet Inc.‘s corporate directors, saying they’re wrongfully trying to stave off pressure from activist hedge fund Jana Partners LLC by restructuring the company’s board.

The lawsuit, filed Tuesday, accuses the board of gamesmanship involving the retirement of one member and the addition of another. It also challenges the decision to stage an investor vote in July, allegedly a surprise departure from Freshpet’s tradition of holding its shareholder meetings in the fall.

The maneuvers were aimed at defusing a proxy campaign by Jana, according to the proposed class action filed in Delaware’s Chancery Court. The fund, run ...