# Investor seizes control of Ethan Allen after alleging director had used biopharma company as ‘personal piggy bank’

- URL: https://talkfuse.com/story/investor-seizes-control-of-ethan-allen-after-alleging-director-had-used-biopharma-company-as-personal-piggy-bank/
- Published: 2026-11-04T19:50:07+00:00
- Updated: 2026-11-04T20:52:06+00:00
- Original publisher: New York Post (publisher lean: Right)
- Original article: https://nypost.com/2026/11/04/business/investor-seizes-control-of-ethan-allen-after-alleging-director-had-used-biopharma-company-as-personal-piggy-bank/
- Topics: Business, Companies, World

## Key points

- Activist investor Doug Bergeron won three Ethan Allen board seats.
- The vote followed concerns over performance and allegations involving a director.
- Ethan Allen’s fiscal 2026 revenue was $579 million, down from its 2006 peak.

## Summary

Investor Doug Bergeron won three of Ethan Allen’s five board seats at Wednesday’s shareholder meeting, gaining control after a proxy battle over the struggling furniture company’s leadership and performance. He also highlighted past allegations against director Cynthia Ekberg Tsai, saying they played a part in the vote; the company’s board disputed his use of the claims.

A 2013 lawsuit by biopharmaceutical firm Viropro accused Tsai, its former chief executive, of misusing funds, including $491,000 it said could not be accounted for. Tsai denied the allegations, and her lawyer said the claim was unfounded; the case was settled, with no trial or finding of fraud, according to Ethan Allen’s board. Bergeron holds a 5.2% stake and has also criticised chief executive Farooq Kathwari, citing revenue of $579 million in fiscal 2026, down from a peak of $1.03 billion in 2006.

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Summarised by TalkFuse (https://talkfuse.com/). Quote the original publisher for the reporting and link this page for the summary and discussion.