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Activist Letters and Presentations

A curated feed of letters and presentations from activist investors.

activistletters

Van Herk Investments Pressures ProQR Therapeutics (PRQR) to Withdraw Board Reappointments, Citing Governance Violations and Poor Performance

Summary On July 3, 2025, Van Herk Investments (VHI), holding over 10% of ProQR Therapeutics, sent a letter to the
May 28, 2025
activistletters

Galloway Capital Threatens Legal Action Against Weight Watchers (WGHTQ) Over Bankruptcy Plan That Wipes Out Shareholders

Summary On July 2025, Galloway Capital Partners announced it is considering legal action against WW International (OTCPK: WGHTQ), its board,
May 22, 2025
activistletters

Sherwood Group Slams Barnwell Industries (BRN) for Governance Failures and Ongoing Losses, Urges Shareholder Support for Board Overhaul

Summary On May 19, 2025, the Sherwood Group, which owns ~29.9% of Barnwell Industries, issued a letter condemning the
May 19, 2025
activistletters

Sherwood Group Rallies Barnwell Industries (BRN) Shareholders, Claims Strong Support for Board Overhaul Ahead of Annual Meeting

Summary On May 19, 2025, the Sherwood Group, holding ~29.9% of Barnwell Industries, announced strong early support for its
May 19, 2025
activistletters

Mason Capital Urges SEC Probe into ISS, Glass Lewis Recommendations on JBS (JBSS3.SA) U.S. Listing Proposal

Summary On May 15, 2025, Mason Capital, a 2.4% minority shareholder in JBS S.A., sent a letter to
May 15, 2025
activistletters

HG Vora Calls for Overhaul at PENN Entertainment (PENN), Citing Years of Underperformance and Board Entrenchment

Summary HG Vora, a 4.8% shareholder in PENN Entertainment, criticized the company’s long-term underperformance, failed digital strategy, and
May 13, 2025
activistletters

H Partners Urges Shareholders to Withhold Votes at Harley-Davidson (HOG) Annual Meeting, Targeting CEO Zeitz and Longtime Directors for Value Destruction

Summary H Partners urged shareholders to vote “WITHHOLD” on the re-election of CEO/Chairman Jochen Zeitz, Presiding Director Thomas Linebarger,
May 8, 2025
activistletters

ADAR1 Capital Slams Keros Therapeutics (KROS) Strategy, Urges Board Overhaul and Cash Return Amid Pipeline Concerns

Summary ADAR1 Capital, owning 13.3% of Keros Therapeutics, criticized the company’s strategy, citing poor clinical results for two
May 8, 2025
activistletters

BML Capital Urges AN2 Therapeutics (ANTX) to Pursue Sale or Liquidation After Phase 3 Failure, Threatens Withhold Vote at Annual Meeting

Summary BML Capital, owning 19.1% of AN2 Therapeutics, urged the Board to pursue a sale or orderly wind-down of
May 7, 2025
activistletters

Findell Capital Targets Oportun Financial (OPRT) Governance, Seeks Board Seat to End CEO Control and Refocus Strategy

Summary Findell Capital, Oportun’s largest shareholder with a 9.5% stake, is seeking to replace entrenched directors and improve
May 7, 2025
activistletters

Al Hartman Blasts Silver Star (SLVR) Asset Sale at Fire Sale Price, Calls for Board Resignations Over $7.4M Value Destruction

Summary Al Hartman criticized Silver Star’s recent sale of its Gulf Interstate property, claiming it was sold for just
May 5, 2025
activistletters

Elliott Urges Shareholders to Back Board Overhaul at Phillips 66 (PSX), Citing Governance Failures and Need for Independent Oversight

Summary Elliott Investment Management, a top-five shareholder in Phillips 66, called on shareholders to vote the Gold Card in support
May 2, 2025
activistletters

Beaver Hollow Group Seeks Board Overhaul at Servotronics (SVT), Citing Mismanagement, Governance Failures, and Urging Shareholders to Vote for Change

Summary Paul L. Snyder III, leading a shareholder campaign, urged Servotronics shareholders to vote the WHITE proxy card in favor
May 2, 2025
activistletters

Impactive Capital Pressures WEX Inc. (WEX) for Board Refresh, Urges Shareholders to Vote Against Three Directors Over Prolonged Underperformance

Summary Impactive Capital, a 7% shareholder in WEX Inc., announced its intention to vote AGAINST three incumbent directors—CEO/Chair
May 2, 2025
activistletters

Trium Capital Opposes Acelyrin (NASDAQ: SLRN)–Alumis Merger, Citing Undervalued Deal and Governance Concerns

Summary Trium Capital, a shareholder of Acelyrin, opposes the proposed merger with Alumis, arguing it significantly undervalues Acelyrin’s assets—
Apr 29, 2025
activistletters

H Partners Slams Harley-Davidson (NYSE: HOG) Leadership, Urges Shareholders to Withhold Votes From Zeitz and Long-Tenured Directors Over Governance and Value Destruction

Summary H Partners, a 9.1% shareholder of Harley-Davidson, is urging shareholders to vote WITHHOLD on the re-election of CEO
Apr 28, 2025
activistletters

ADAR1 Capital Challenges Keros Therapeutics (NASDAQ: KROS) Board Over Poison Pill, Strategic Review, and Nomination Block

Summary ADAR1 Capital Management, the largest shareholder of Keros Therapeutics, sent a letter to the board demanding that it waive
Apr 28, 2025
activistletters

Ortelius Advisors Targets Brookdale Senior Living (NYSE: BKD) Board With Director Slate, Citing Years of Value Destruction and Strategic Missteps

Summary Ortelius Advisors, owning a significant stake in Brookdale Senior Living, is urging shareholders to support its six independent director
Apr 25, 2025
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