New User:

Forgot your password?

Stock Market & Financial Investment News

News Breaks
August 12, 2014
12:46 EDTOPLKOSC calls on Oplink to allow new board to set strategy
Oplink Shareholders for Change, or OSC, a group led by Engaged Capital, LLC and Voce Capital Management LLC, who collectively own approximately 6.2% of the outstanding shares of Oplink Communications, called on the board of directors of Oplink to suspend its strategic decision-making process until the reconstitution of the Board at the upcoming annual meeting of shareholders. In light of OSCís nomination of two independent, highly-qualified director candidates, Jeffrey S. McCreary and J. Daniel Plants, and Oplinkís own announced intention to recruit two additional directors to the Board, significant Board change at Oplink is inevitable. Consequently, it is indefensible for Oplinkís legacy Board to continue on the path of a potentially irreversible strategic course for the company when a meaningful portion, and potentially a majority, of the Board may consist of new directors following the Annual Meeting. To do so with the prospect of such significant, immediate change undermines the basic principles of shareholder democracy. OSC will object to any strategic plan that continues to allocate shareholder capital to support Oplink Connected, an endeavor that has cost shareholders approximately $25M by OSCís estimates. OSC and its representatives remain concerned that, given the Boardís lack of relevant expertise and shareholder perspective, the strategic review of Oplink Connected will yield a sub-optimal result for shareholders. Further, without truly independent directors and shareholder representation, Oplinkís shareholders remain at risk of additional capricious non-core spending in the future.
News For OPLK From The Last 14 Days
Sign up for a free trial to see the rest of the stories you've been missing.
There are no results for OPLK

Sign up for a free trial to see the rest of the stories you've been missing.
I agree to the disclaimer & terms of use