Shutterfly Inc (SFLY) Stock: Park West Nearly Doubles Its Stake

Page 2 of 9 – SEC Filing

CUSIP No. 82568P304
(1)	Names of Reporting Persons Park West Asset Management LLC
(2)	Check the Appropriate Box if a Member of a Group (See Instructions)	(a)    o (b)    o

(3)	SEC Use Only
(4)	Citizenship or Place of Organization Delaware

Number of Shares Beneficially Owned by            Each Reporting Person With:	(5)   Sole Voting Power	1,705,393*
	(6)   Shared Voting Power	0
	(7)  Sole Dispositive Power	1,705,393*
	(8)   Shared Dispositive Power	0

(9)	Aggregate Amount Beneficially Owned by Each Reporting Person 1,705,393*
(10)	Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions):   o
(11)	Percent of Class Represented by Amount in Row (9) 5.0%*
(12)	Type of Reporting Person (See Instructions)  IA

* Beneficial ownership percentage is based upon 33,978,911 shares of common stock, $0.0001 par value per share (“Common Stock”), of Shutterfly, Inc., a Delaware corporation (the “Company”), issued and outstanding as of August 1, 2016, based on information reported by the Company in its Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on August 4, 2016. Park West Asset Management LLC (“PWAM”) is the investment manager to Park West Investors Master Fund, Limited, a Cayman Islands exempted company (“PWIMF”), and Park West Partners International, Limited, a Cayman Islands exempted company (“PWPI” and, collectively with PWIMF, the “PW Funds”), and Peter S. Park (“Mr. Park” and, collectively with PWAM, the “Reporting Persons”) is the sole member and manager of PWAM. As of October 14, 2016, PWIMF held 1,503,571 shares of Common Stock of the Company and PWPI held 201,822 shares of Common Stock of the Company. As a result of the foregoing, for purposes of Reg. Section 240.13d-3, the Reporting Persons may be deemed to beneficially own the 1,705,393 shares of Common Stock of the Company held in the aggregate by the PW Funds, or 5.0% of the shares of Common Stock of the Company deemed to be issued and outstanding as of October 14, 2016.