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Stock Market & Financial Investment News

News Breaks
October 2, 2013
10:19 EDTBIDDan Loeb boosts Sotheby's stake, tells CEO to step down
Dan Loeb's Third Point reported an increased stake of 9.3% in shares of Sotheby's and disclosed a letter sent to the company's CEO William Ruprecht. The letter stated in part, "Notwithstanding Sotheby’s recent efforts – a belated announcement partially addressing poor capital allocation practices and the hiring of a new Chief Financial Officer – we remain concerned about its leadership, shareholder misalignment, strategic direction, and Board governance...In particular, we are troubled by the Company’s chronically weak operating margins and deteriorating competitive position relative to Christie’s, as evidenced by each of the Contemporary and Modern art evening sales over the last several years...Third Point is not only Sotheby’s largest shareholder but also has significant experience and a successful track record of serving on public company boards. I am willing to join the board immediately and help recruit several new directors who have experience increasing shareholder value, share a passion for art, understand technology and luxury brands, or have operated top-performing sales organizations...It is also time, Mr. Ruprecht, for you to step down from your positions as Chairman, President and Chief Executive Officer and for the role of Chairman to be separated for your successor." Shares of Sotheby's are up 17c to $49.88 following Third Point's filing with SEC.
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April 17, 2014
13:47 EDTBIDSotheby's issues presentation refuting Third Point's claims
Sotheby's issued an investor update presentation refuting claims made by Dan Loeb's Third Point, which holds a considerable stake in the company and is seeking to place members on the company's board, among other things. Sotheby's said, in part, that it has, "consistently delivered strong, long-term performance and is executing a clear strategy to drive continued growth and profitability." The company said that its FY13 revenue grew 11% with earnings growing 20%, and the company notes that Loeb has said the company did not have a strong FY13. Sotheby's said that it does not believe Loeb possesses the long-term focus necessary to drive value for all shareholders of the company. Shares of Sotheby's are unchanged in afternoon trade. Reference Link
April 15, 2014
07:38 EDTBIDLoeb says Sotheby's accusations 'misleading,' Reuters says
Activist investor Daniel Loeb, who is fighting to gain control of three board seats at Sotheby's, increased tension by saying that the current board has failed and that its accusations on him are "false" and "misleading," according to Reuters, citing comments from Loeb. Reference Link
April 9, 2014
12:43 EDTBIDThird Point launches ValueSothebys.com
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06:37 EDTBIDSotheby's says Loeb slate 'adds no incremental relevant expertise'
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April 4, 2014
12:02 EDTBIDThird Point seeks support for nominees in letter to Sotheby's holders
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