Chester County business daily news briefs review yesterday’s business stories important to Chester County and beyond.

Vanguard Group Sides With duPont’s Management, Fends Off Proxy Battle

Malvern mutual fund giant Vanguard backed DuPont CEO Ellen Kullman, joining with BlackRock, State Street Corp, duPont’s three largest shareholders, and a majority of the company’s retail shareholders, to beat back Nelson Peltz-lead proxy challenge during yesterday’s annual meeting in Wilmington.

According to a report in The Wall Street Journal, “the direction of the vote for DuPont Co. board seats became clear when the three largest DuPont shareholders, which all manage index funds, sided with the company, a blow Trian Fund Management LP couldn’t overcome, according to people familiar with the matter.”

Vanguard Group’s 5.5 percent ownership stake in the venerable Wilmington-based chemical manufacturer make them duPont’s largest shareholder.

Siemens Medical Denies Overcharging Military But Pays Million Dollar Fine Anyway

Malvern-based Siemens Medical Solutions agreed to pay the United States $5.9 million to resolve allegations it overcharged the defense department for medical imaging equipment.

According to a report in the Daily Local News, the allegations were made on behalf of the U.S. Department of Defense, the Defense Supply Center of Philadelphia and the Department of Veterans Affairs and involved the federal government’s purchase of medical imaging equipment from 2002 to 2008.

The government alleged Siemens by not giving the defense department the largest discount that a private or commercial customer had received for a “like system,” had overcharged the government and failed to provide the best price for certain Defense Department purchases

Downingtown East High School Team Wins State Academic Competition

The Daily Local News reported Wednesday, Downingtown East High School won the 2015 Pennsylvania State Academic Competition last week for the second consecutive year. West Chester East High School placed second. The two Chester County schools defeated 18 other teams from across the state to compete in the championship round that was held on Friday in Harrisburg at the State Capitol building.

Downingtown East High School team members include Neel Alex, Zack Weber, Varun Giridhar, Megan Harly, Vis Lanka, Nicholas Wu and Justin Lavish. They were coached by Darryl McCauley and Alyssa Read.

The team will compete in the National Tournament of Academic Excellence (NTAE) on June 13-16 at the Walt Disney World Resort in Lake Buena Vista, Florida.

Recro Pharma Reports A Smaller Quarterly Loss

For the first quarter of 2015, Malvern-based Recro Pharma (NASDAQ: REPH) reported a net loss applicable to common shareholders of $4.1 million, or $0.53 per share, compared to a net loss applicable to common shareholders of $6.4 million, or $3.67 per share, for the comparable period in 2014.

In April 2015, Recro Pharma completed its previously announced acquisition of assets from Alkermes including worldwide rights to IV/IM meloxicam, a proprietary, Phase III-ready, long-acting preferential COX-2 inhibitor for moderate to severe acute pain, along with a cash flow positive contract manufacturing facility, royalty and formulation business.

Smart Home System Platform Developer Plans To Hire 35

Zonoff’s new 35,000 square foot offices in Malvern triples the company’s office space and allows for continued growth and hiring.

According to a feature story in KeystoneEdge, Zonoff’s “fresh digs come on the heels of a $31.8 million funding round for the company, which provides a comprehensive software platform for “smart homes.””

According to the Keystone Edge article,

The new space, notes KeystoneEdge, also makes it possible for Zonoff to keep hiring.

The company has added to its executive team and doubled its workforce in the past year — they now employ 70 engineers, software developers and sales, marketing and new business personnel. They expect to grow another 50 percent by the end of the year. “

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Top image courtesy of the Daily Local News.