When a person or group of persons acquires beneficial ownership of more than 5% of a company’s equity securities, they are required to file a Schedule 13D or 13G with the SEC.
If these groups intend to influence management into changing the business strategy, they are considered “activist” investors. There is considerable academic research that suggest activist investors contribute to excess returns in equities in the subsequent twelve months after the event.
Investors that acquire 10% or more of a company’s shares, or that gain a board seat, are considered insiders by the SEC and are subject to stricter insider trading filing requirements.
Investors that acquire more than 5% of the shares of a company and intend to influence management are considered activist investors and must file a 13D, and investors that acquire more than 5% of the shares of a company but have no intention of influencing management are considered passive investors and must file a 13G.
Here are 12 recent notable filings:
New Passive Investor Filings
Immunogen, Inc. (NASDAQ:IMGN) – HIGHBRIDGE CAPITAL MANAGEMENT LLC has filed a new SC 13G, reporting a 5.34% ownership stake in Immunogen.
Applied Optoelectronics, Inc. (NASDAQ:AAOI) – D. E. SHAW & CO, L.P. has filed a new SC 13G, reporting a 5.10% ownership stake in Applied Optoelectronics.
Adamis Pharmaceuticals Corp. (NASDAQ:ADMP) – PERCEPTIVE ADVISORS LLC has filed a new SC 13G, reporting a 5.57% ownership stake in Adamis Pharmaceuticals.
Amended Activist Investor Filings
Gores Holdings, Inc. (NASDAQ:GRSHU) – Hostess CDM Co-Invest, LLC has filed an amended Schedule 13D/A, reporting a 25.00% ownership stake in Gores Holdings. This is a decrease of 4.21% from their previous filing.
Agios Pharmaceuticals, Inc. (NASDAQ:AGIO) – Celgene European Investment Co LLC has filed an amended Schedule 13D/A, reporting a 1.30% ownership stake in Agios Pharmaceuticals.
Chemtura Corp. (NYSE:CHMT) – GAMCO INVESTORS, INC. ET AL has filed an amended Schedule 13D/A, reporting a 0.00% ownership stake in Chemtura. This is a decrease of 100.00% from their previous filing.
Amended Passive Investor Filings
Liberty Media Corporation (NASDAQ:LSXMK) – BERKSHIRE HATHAWAY INC (NYSE:BRK.A,NYSE:BRK.B) has filed an amended Schedule 13D/A, reporting a 10.50% ownership stake in Liberty Media. This is an increase of 5.21% from their previous filing.
bebe stores, inc. (NASDAQ:BEBE) – MILLER LLOYD I III has filed an amended Schedule 13D/A, reporting a 10.00% ownership stake in bebe stores. This is an increase of 25.00% from their previous filing.
EPR Properties (NYSE:EPR) – CNL LIFESTYLE PROPERTIES INC has filed an amended Schedule 13D/A, reporting an updated ownership stake in EPR Properties.
Westlake Chemical Partners LP (NYSE:WLKP) – Harvest Fund Advisors LLC has filed an amended Schedule 13D/A, reporting a 21.50% ownership stake in Westlake Chemical Partners LP. This is an increase of 55.80% from their previous filing.
Adamis Pharmaceuticals Corp. (NASDAQ:ADMP) – PERCEPTIVE ADVISORS LLC has filed an amended Schedule 13D/A, reporting a 5.01% ownership stake in Adamis Pharmaceuticals.
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