Comtech Telecommunications<\/b> is in a public dispute with shareholder Outerbridge Capital Management<\/b> ahead of its upcoming fiscal 2021 annual meeting of stockholders this month. On Monday, Comtech issued a presentation called \u201cCorrecting the Record\u201d that addresses Outerbridge\u2019s claims. <\/p>\n
Outerbridge Capital Management owns approximately 4.95% of Comtech stock and has called for a refresh of Comtech\u2019s board of directors, nominating Sidney Fuchs, chairman of the board at Eutelsat America Corporation,<\/b> and Wendi Carpenter, retired U.S. Navy<\/b> rear admiral. Outerbridge has sent letters to shareholders detailing a lack of faith in Comtech\u2019s management and board. <\/p>\n
Comtech had multiple lines of complaint against Outerbridge in its Monday letter to shareholders, arguing that Outerbridge misrepresented the company\u2019s financial performance, and that Outerbridge did not permit its nominees to participate in standard board-selection due diligence. In addition, Comtech argued that Fuchs\u2019 conflict of interest with Eutelsat would \u201csignificantly damage key customer relationships and negatively impact prospective business opportunities.\u201d <\/p>\n
\u201cOuterbridge appears to have no value creation plan beyond writing public letters riddled with inaccuracies and misleading, unsubstantiated claims; wasting our board\u2019s time with an ever-changing selection of director candidates; and actively trading in and out of Comtech\u2019s stock over the past several months while holding a substantial portion of their \u201cownership\u201d position in short-dated options,\u201d Comtech wrote in Monday\u2019s letter to shareholders. <\/p>\n
Comtech has two members of the board up for election this year \u2014 Judy Chambers and Larry Waldman. Chambers was added to the board in August and is the managing principal and director of Meketa Investment Group<\/b>. Larry Waldman joined the board in 2015 and serves as a member of the board of directors and lead independent director of APYX Medical<\/b>.<\/p>\n
Comtech plans for other changes to its board as well. Mark Quinlan, co-founder of Comtech investor White Hat Capital Partners<\/b> has been appointed to the company\u2019s board of directors with a $100 million investment from White Hat and Magnetar Capital<\/b> announced in October. And, new CEO Michael Porcelain will join the board when he takes over from Fred Kornberg by the end of thear. <\/p>\n
Comtech\u2019s fiscal 2021 annual meeting of stockholders is scheduled for Dec. 17. <\/p>\n","protected":false},"excerpt":{"rendered":"
Comtech Telecommunications is in a public dispute with shareholder Outerbridge Capital Management ahead of its upcoming fiscal 2021 annual meeting of stockholders this month. On Monday, Comtech issued a presentation called \u201cCorrecting the Record\u201d that addresses Outerbridge\u2019s claims. Outerbridge Capital Management owns approximately 4.95% of Comtech stock and has called for a refresh of Comtech\u2019s […]<\/p>\n","protected":false},"author":1,"featured_media":54934,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":"","_links_to":"","_links_to_target":""},"categories":[2],"tags":[],"class_list":["post-56257","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"acf":[],"_links":{"self":[{"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/posts\/56257"}],"collection":[{"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/comments?post=56257"}],"version-history":[{"count":0,"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/posts\/56257\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/media\/54934"}],"wp:attachment":[{"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/media?parent=56257"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/categories?post=56257"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/tags?post=56257"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}