ISS Backs Box Directors in Proxy Fight with Starboard (Reuters)
BOSTON, Aug 23 (Reuters) – Proxy advisory firm Institutional Shareholder Services on Monday backed cloud storage vendor Box Inc (BOX.N) in its fight with activist investor Starboard Value by recommending that shareholders vote for the company’s directors instead of the hedge fund’s nominees.
With Herbalife, You Need to Get in on the Ground Floor (The Wall Street Journal)
The path to success at Herbalife is the opposite of what works in the stock market – you need to get in near the top. The multilevel marketing company, which sells health supplements through layers of distributors, has attracted its fair share of criticism over the years – none as harsh as the lashing it got from silver-haired hedge-fund manager William Ackman starting in December 2012. The stock dropped 43% in a few days to a multiyear low when he accused it of being a pyramid scheme and announced he had sold its shares short in a bet that they would go to zero.
Lease Roundup: New York Hedge Fund Takes Miami Space for Second HQ, Sushi Maki Expands to Fort Lauderdale (The Real Deal)
Hedge fund Schonfeld Strategic Advisors signed a long-term, 18,441-square-foot lease at The Dorsey project in Miami. New York-based Schonfeld is opening its second headquarters at the new Wynwood development. A partnership among Related Group, Tricera Capital and Lndmrk Development is building the 12-story mixed-use Dorsey, roughly along Northwest Third Avenue between 28th and 29th streets. The project will have about 78,000 square feet of office space, 33,000 square feet of retail and 306 apartments.
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Citadel to Redeem $500m from Melvin Capital After GameStop Misadventure (Financial News)
Ken Griffin’s Citadel LLC and Citadel partners are planning to redeem roughly $500m of the $2bn they put in Melvin Capital Management after Melvin got slammed by bad short bets on GameStop and other soaring stocks, said people familiar with the matter. Citadel and Steven A Cohen’s Point72 Asset Management together invested $2.75bn into Melvin’s hedge fund on 25 January as Melvin was haemorrhaging money. In return for the rare intra-month investments, the two firms received non-controlling revenue shares in Melvin for three…
Norron Hires an ESG Manager (Hedge Nordic)
Stockholm (HedgeNordic) – Norron Asset Management has hired Clara Hamrén as its ESG manager after the departure of former ESG, Marketing & Communications Manager Elin Lilja-Wainwright to Invesco earlier this year. This appointment follows the hiring of Sebastian Uddén, one of the partners and co-founders of Nordic Cross Asset Management, as Head of Sales in Sweden during the summer.
Former Anchorage Restructuring Head Joins Investment Bank PJT (The Wall Street Journal)
Investment bank PJT Partners Inc. has hired the former U.S. head of restructuring at hedge fund Anchorage Capital Group as a partner, said people familiar with the matter. Charles Tauber, 50 years old, had a major role in the New York hedge fund’s investments in distressed companies including the Hollywood movie studio MGM Holdings Inc., PG&E Corp. and J.Crew Group. He is slated to start at PJT in September in its restructuring and special-situations group, one of the people said. Mr. Tauber left Anchorage in 2020 after more than a decade there.
Monday 8/23 Insider Buying Report: VRTX, TXMD (Nasdaq.com)
On Thursday, Vertex Pharmaceuticals’ CEO & President, Reshma Kewalramani, made a $1.96M buy of VRTX, purchasing 10,000 shares at a cost of $195.65 each. Kewalramani was up about 1.3% on the purchase at the high point of today’s trading session, with VRTX trading as high as $198.26 in trading on Monday. Vertex Pharmaceuticals is trading up about 1.1% on the day Monday. And at TherapeuticsMD, there was insider buying on Wednesday, by Director Cooper C. Collins who purchased 1,000,000 shares at a cost of $0.72 each, for a total investment of $725,000. This purchase marks the first one filed by Collins in the past year. TherapeuticsMD is trading up about 8.1% on the day Monday. So far Collins is in the green, up about 13.9% on their purchase based on today’s trading high of $0.83.
Insider Trading: August 23, 2021 (BIV.com)
Insider Neil Solomons, officer. Company: Aurinia Pharmaceuticals Inc. (Nasdaq:AUPH). Shares owned: 142,299. Trade date: August 9. Trade total: US$721,350. Trade: Sale of 45,000 shares at a price of US$16.03 per share. Insider Jerry Kroll, officer. Company: Electrameccanica Vehicles Corp. (Nasdaq:SOLO). Shares owned: 1,825,614. Trade date: August 5, 6. Trade total: US$284,988. Trade: Sale of 83,697 shares at prices from US$3.38 US$3.43 per share.
The Past Week’s Notable Insider Buys Included AppLovin, Cricut, Biotechs And More (Benzinga)
In the latest of a number of purchases stretching back to late May, a Cricut Inc (CRCT) 10% owner picked up over 1.09 million more shares at prices ranging from $25.84 to $28.99 apiece. These latest purchases added up to almost $29.62 million. Note that some insiders sold more than 50,000 shares altogether late in the week as well. The B Riley Financial Inc (RILY) board chair, Bryant Riley, purchased 145,000 shares, and two other insiders also picked up 15,000 shares, last week. At $59.23 to $64.18 apiece, the cost for those shares totaled around $10.06 million altogether. Note that Riley also bought more than 24,000 shares in the previous week.
The Chief Operating Officer (CHESI) of Clean Harbors (NYSE: CLH) is Selling Shares (Analyst Ratings)
Today, the Chief Operating Officer (CHESI) of Clean Harbors (CLH), Eric Gerstenberg, sold shares of CLH for $1.8M. Following Eric Gerstenberg’s last CLH Sell transaction on August 21, 2020, the stock climbed by 40.0%. In addition to Eric Gerstenberg, 3 other CLH executives reported Sell trades in the last month. Based on Clean Harbors’ latest earnings report for the quarter ending June 30, the company posted quarterly revenue of $926 million and quarterly net profit of $67.08 million.
