Investment firm JAT Capital sent a scathing letter to the board of the new Bed Bath & Beyond on Friday saying it has refused to answer questions from shareholders and is engaging in what the investment firm called unprecedented “poor behavior.”
The firm, which has a 9.6% stake in the company and claims it is not an activist fund, excoriated the board for a series of misdeeds, including canceling planned investor conferences and twisting the facts about former CEO Jonathan Johnson’s ouster.
“We have attempted to engage constructively with investor relations, senior management and the Board of Directors in recent months, making suggestions of best practices that might preserve and enhance value, and more recently pointing out actions taken by management and the board that appear to be destroying shareholder value,” the letter, penned by JAT’s founder John Thaler, states.
“We have taken the more active posture with Beyond because, quite frankly, I have never seen such poor behavior…
2023-11-17 22:34:04
Source from www.cnbc.com