Key Takeaways Two former Pfizer executives published a statement saying they support management as it gets pressured for changes by activist investor Starboard Value.The ex-Pfizer executives, Ian Read and Frank D'Amelio,

In another twist to the tale of Starboard Value's push for change at Pfizer, the activist investor has claimed former executives Ian Read and Frank D'Amelio were bullied into lending their support to current management.

Starboard’s stake comes amid a time of struggle at the drugmaker, which has begun to cut costs aggressively as demand for its Covid-19 medicines recedes.

The Wall Street Journal reported that activist investor group Starboard Value owns a stake in Pfizer (PFE -2.82%) that's worth approximately $1 billion. Now, Starboard

Starboard has accused Pfizer of “coercive conduct” after executives who initially backed the hedge fund retracted their support.