Major shareholders sometimes bypass IR and speak directly to directors.
As 2007 began, Take-Two Interactive Software faced years of restated financials, a stock options backdating scandal with a criminal investigation, and losses bad enough for investors like OppenheimerFunds and hedge funds DE Shaw and Sac Capital to demand a new board and senior management. By April, these investors had their way.
‘Usually you expect the hedge funds to engage in the really tough activism,’ says Shirley Westcott, managing director of policy at Proxy Governance. In
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