Page 4 of 8 – SEC Filing
Page 4 of 8 Pages
Item 1. Security and Issuer.
This statement on Schedule 13D (“Schedule 13D”) relates to the Common Stock, $.01 par value per share (the “Common Stock”), of Quantum Corporation, a Delaware corporation (the “Issuer”), whose principal executive offices are located at 224 Airport Parkway, Suite 550, San Jose, CA 95110. The common stock is listed on the New York Stock Exchange.
Item 2. Identity and Background.
(a) This Schedule 13D is filed by Private Capital Management, LLC (“PCM”) and Gregg J. Powers, the CEO and Portfolio Manager of PCM. PCM and Mr. Powers are collectively referred to as the “Reporting Persons”. Mr. Powers disclaims beneficial ownership for the shares held by PCM. The Reporting Persons disclaim the existence of a group with respect to any third party.
(b) Each of the Reporting Person’s business addresses are 8889 Pelican Bay Boulevard, Suite 500, Naples, FL 34108.
(c) PCM is a registered investment adviser under the Investment Advisers Act of 1940. PCM has the power and authority to make decisions to buy and sell securities on behalf of its clients. Mr. Powers, as CEO and Portfolio Manager of PCM, has the authority to direct the actions of PCM including the decisions to buy and sell shares subject to this filing.
(d) None of the Reporting Persons has, during the last five years, been convicted in any criminal proceedings (excluding traffic violations or similar misdemeanors).
(e) None of the Reporting Persons has, during the last five years, been a party to any other civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws.
(f) PCM is a limited liability corporation organized under the laws of the state of Delaware. Mr. Powers is a United States citizen.
Item 3. Source and Amount of Funds or Other Consideration.
PCM has acquired shares of Common Stock at an aggregate purchase price of $26,663,659 on behalf of its investment advisory clients. Funds for these purchases were derived from PCM clients.
Mr. Powers acquired 73,312 shares of Common Stock in open market transactions and 36,924 shares as grants in respect of his service as a board director of the Issuer. The aggregate purchase price of his open market transactions was $533,711, which were acquired with his personal funds.
Item 4. Purpose of Transaction.
PCM has acquired shares of Common Stock in the normal course of its business as a registered investment adviser investing Client assets on a fully discretionary basis. PCM does not currently have any intention of pursuing any of the activities listed in Item 4 of Schedule 13D (which are set forth below), other than Item (a) (acquisition or disposition of additional Common Stock or other securities), which PCM may engage in in the ordinary course of its business or Mr. Powers may engage in in his individual capacities.
| (a) | The acquisition by any person of additional securities of the issuer, or the disposition of securities of the issuer; |
| (b) | An extraordinary corporate transaction, such as a merger, reorganization or liquidation, involving the issuer or any of its subsidiaries; |
| (c) | A sale or transfer of a material amount of assets of the issuer or any of its subsidiaries; |
| (d) | Any change in the present board of directors or management of the issuer, including any plans or proposals to change the number or term of directors or to fill any existing vacancies on the board; |
| (e) | Any material change in the present capitalization or dividend policy of the issuer; |
| (f) | Any other material change in the issuer’s business or corporate structure including but not limited to, if the issuer is a registered closed-end investment company, any plans or proposals to make any changes in its investment policy for which a vote is required by section 13 of the Investment Company Act of 1940; |
| (g) | Changes in the issuer’s charter, bylaws or instruments corresponding thereto or other actions which may impede the acquisition of control of the issuer by any person; |
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