SiliconBeat

Altigen Communications, the Fremont provider of Internet phone systems that had scheduled a special shareholders meeting for Tuesday to seek approval of a new equity incentive plan and employee stock purchase program, postponed the meeting late Friday in order “to provide adequate time for AltiGen to present additional information to its stockholders in light of certain recent public comments made by one of the company’s existing stockholders,” according to a press release the company put out.

The “existing shareholder” making the public comments would be Eric Wanger, a former director who resigned his seat in January after the board informed him he would not be re-nominated at its regular shareholder meeting in February. Late last year Wanger belatedly filed notice of some stock purchases he had made between January 2007 and September 2008, some of which the board said took place during so-called “blackout periods” during which the company’s insider trading policy prohibits its executives and board members from trading in the company’s stock.

Wanger became the company’s largest shareholder after purchases he made after resigning from the board, vaulting his holdings ahead of those of Lloyd Miller. Wanger now owns 11.3 percent of the company compared to Miller’s 10.9 percent. Company founder and chief executive Gilbert Hu is in third place with 6.2 percent.

In our article in Sunday’s section of the print edition, whose deadline was early Friday afternoon, we wrote about Wanger’s dissatisfaction with the current board expressed in a letter dated May 15.

A new meeting has been scheduled from May 26, 2009 to June 18, 2009, and the location of the  meeting was also changed to the what will the company’s new headquarter effective June 1 at 410 East Plumeria Drive in San Jose.

The most important reason for the postponement may well have been the last factor cited by the company in its Friday press release: “it has become apparent that additional votes would be required in order to attain a necessary quorum of stockholders at the originally scheduled meeting date.”