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Quantum Corp (QTM): Activist Starboard Value Trims Exposure; Replaces Board Member

Published on April 7, 2016 at 3:58 pm by Insider Monkey Staff in Hedge Funds, News
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According to a newly-amended 13D filing, Jeff Smith‘s Starboard Value LP owns 40.55 million shares of Quantum Corp (NYSE:QTM), which represent 14.2% of the company’s outstanding stock. The stake was slightly reduced from 42.42 million shares Starboard Value LP disclosed in a filing in January. In addition, the investor revealed in the filing that it had exercised its replacement rights and recommended the appointment of Clifford Press to Quantum’s board of directors to replace the position of Philip Black who had resigned. Black was appointed to the company’s board under the terms of a settlement agreement between Starboard and Quantum Corporation. Press was appointed to the board on April 1.

Heading into 2016, a total of 14 of the hedge funds tracked by Insider Monkey held long positions in this stock, down by three over the quarter. Aside from Starboard, other funds with significant positions in Quantum Corporation include Gregg J. Powers’ Private Capital Management, George Soros’s Soros Fund Management, Paul Orlin and Alex Porter’s Amici Capital and Jim Simons’s Renaissance Technologies.

On the other hand, several funds unloaded their entire positions in Quantum Corp (NYSE:QTM), including Peter S. Park’s Park West Asset Management and Andy Redleaf’s Whitebox Advisors, which dropped $6.5 million and $1.6 million worth of shares respectively.

You can access the original SEC filing by clicking here.

Ownership Summary Table

Name Sole Voting Power Shared Voting Power Sole Dispositive Power Shared Dispositive Power Aggregate Amount Owned Power Percent of Class
STARBOARD VALUE 40,553,694 40,553,694 40,553,694 40,553,694 40,553,694 14.2%
STARBOARD VALUE AND OPPORTUNITY MASTER FUND LTD 24,582,539 40,553,694 24,582,539 40,553,694 24,582,539 8.8%
STARBOARD VALUE AND OPPORTUNITY S 5,269,399 40,553,694 5,269,399 40,553,694 5,269,399 2.0%
STARBOARD VALUE AND OPPORTUNITY C 2,457,479 2,457,479 2,457,479 Less than 1%
STARBOARD VALUE R 2,457,479 2,457,479 2,457,479 Less than 1%
STARBOARD VALUE R GP 2,457,479 2,457,479 2,457,479 Less than 1%
STARBOARD VALUE GP 40,553,694 40,553,694 40,553,694 14.2%
STARBOARD PRINCIPAL CO 40,553,694 40,553,694 40,553,694 14.2%
STARBOARD PRINCIPAL CO GP 40,553,694 40,553,694 40,553,694 14.2%
JEFFREY C. SMITH 137,565 137,565 40,691,259 14.2%
MARK R. MITCHELL 40,553,694 14.2%
PETER A. FELD 40,553,694 14.2%

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Page 1 of 20 – SEC Filing

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
(Rule 13d-101)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
TO § 240.13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO
§ 240.13d-2(a)
(Amendment No. 7)1
Quantum Corporation
(Name of Issuer)
Common Stock, par value $0.01 per share
(Title of Class of Securities)
747906204
(CUSIP Number)
JEFFREY C. SMITH
STARBOARD VALUE LP
777 Third Avenue, 18th Floor
New York, New York 10017
(212) 845-7977
 
STEVE WOLOSKY, ESQ.
OLSHAN FROME WOLOSKY LLP
Park Avenue Tower
65 East 55th Street
New York, New York 10022
(212) 451-2300

(Name, Address and Telephone Number of Person

Authorized to Receive Notices and Communications)
April 5, 2016
(Date of Event Which Requires Filing of This Statement)
If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box ¨.
Note:  Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits.  See § 240.13d-7 for other parties to whom copies are to be sent.
_______________
1              The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

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