The 13D Report
The 13D Report
Shareholder activism
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Research Team

activistletters

Lifeway Foods (LWAY): Smolyansky Shareholders Push Director Replacements and Challenge Governance Amid Danone Fallout

Summary The presentation argues that Lifeway’s largest shareholders, Edward and Ludmila Smolyansky (26% owners), are pushing for board change
activistletters

Scully Royalty (SRL): Activist Shareholder MILFAM LLC Accuses Board of Blocking Valid Director Nominees and Manipulating AGM Process

Summary MILFAM LLC, a 13% shareholder of Scully Royalty, rejects the company’s claim that its director nominations were invalid,
activistprofile

Pershing Square Capital Management

I. Basics Pershing Square Holdings, Ltd. (“PSH”, or the “Company”) (LN:PSH) (LN:PSHD) is an investment holding company structured
activistprofile

Northern Right Capital Management

I. Basics Northern Right Capital Management, LP is a boutique equity investment firm managing a concentrated, best ideas strategy in
activistcompany

Northern Right Capital Management increased its stake after securing Board seat in PRGX Global (PRGX)

activistcompany

Northern Right Capital Management secured a Board seat in Great Elm Capital Group (GEC)

activistletters

Alaunos Therapeutics (TCRT): Activist Shareholder Group Seeks Board Seat for Gerald W. Bruce Amid Strategic Concerns

Summary The shareholder group holding 8.61% of Alaunos Therapeutics urges the board to accept their formal nomination of Gerald
activistprofile

Macellum Capital Management

I. Basics Macellum Capital Management is an activist investment firm founded in 2009 by Jonathan Duskin.  Macellum invests in undervalued
activistcompany

Mill Road Capital opines Big Lots (BIG) would worth $55-$70 per share

activistcompany

Kohl's (KSS) Shareholders vote for the incumbent director nominees

activistcompany

Shareholders elect ALL of SpartanNash’s (SPTN) director nominees at 2022 annual meeting

activistletters

BILL Holdings (BILL): Activist Barington Capital Urges Board to Review Strategy and Reduce Costs as Growth and Monetization Slow

Summary Barington Capital, a BILL shareholder, argues that despite the company’s strong positioning in B2B financial automation and solid
activistletters

First Industrial (FR): Land & Buildings Presses Board on Mispriced Portfolio, Urges Steps to Unlock 30% NAV Upside

Summary Land & Buildings argues that First Industrial (FR) is a high-quality industrial warehouse REIT trading at an unjustified discount
activistletters

Neuphoria Therapeutics (NEUP): Lynx1 Challenges Board’s Strategic Review and Capital Decisions, Refiles Offer and Nominates Two Independent Directors

Summary Lynx1, the largest shareholder of Neuphoria, argues that the company’s severe value destruction—driven by failed trial design,
activistcompany

Browning West Pressures The Cooper Companies (COO) for Board Overhaul and Strategic Refocus

activistcompany

Irenic Capital reached cooperation agreement with Atkore Inc (ATKR)

activistletters

Noodles & Company (NASDAQ: NDLS) Urged by Galloway Capital to Pursue Asset Sales and Deleveraging Strategy

Summary The letter argues that Noodles & Company is undervalued and urges the Board to sell roughly 200 company-owned restaurants
activistcompany

Galloway Capital Partners initiated its stake in Noodles & Co (NDLS)