There were nine notable investor filings over the past days, most notably Finish Line Inc (NASDAQ:FINL) as the largest company of interest.
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.
New Activist Investor Filings
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.
Lincoln Educational Services Corp. (NASDAQ:LINC) – MICHAS ALEXIS P has filed a new SC 13D, reporting a 5.70% ownership stake in Lincoln Educational Services.
WashingtonFirst Bankshare, Inc. (NASDAQ:WFBI) – ENDICOTT MANAGEMENT CO has filed a new SC 13D, reporting a 9.80% ownership stake in WashingtonFirst Bankshare.
New Passive Investor Filings
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.
G-III Apparel Group, Ltd. (NASDAQ:GIII) – Adage Capital Partners GP LLC has filed a new SC 13G, reporting a 5.34% ownership stake in G-III Apparel Group.
Adesto Technologies Corporation (NASDAQ:IOTS) – HIRSCHMAN ORIN has filed a new SC 13G, reporting a 5.40% ownership stake in Adesto Technologies.
Amended Activist Investor Filings
Tilly’s, Inc. (NYSE:TLYS) – SHAKED HEZY has filed an amended Schedule 13D/A, reporting a 49.40% ownership stake in Tilly’s. This is a decrease of 2.56% from their previous filing.
Gastar Exploration Inc. (NYSEMKT:GST) – ARES MANAGEMENT LLC has filed an amended Schedule 13D/A, reporting a 19.20% ownership stake in Gastar Exploration. This is a decrease of 5.88% from their previous filing.
Finish Line Inc (NASDAQ:FINL) – Sports Direct International plc has filed an amended Schedule 13D/A, reporting a 14.70% ownership stake in Finish Line. This is an increase of 8.09% from their previous filing.
Amended Passive Investor Filings
Corium International, Inc. (NASDAQ:CORI) – Broadfin Capital, LLC has filed an amended Schedule 13D/A, reporting a 12.74% ownership stake in Corium International. This is an increase of 49.36% from their previous filing.
AMAG Pharmaceuticals, Inc. (NASDAQ:AMAG) – Camber Capital Management LLC has filed an amended Schedule 13D/A, reporting an updated ownership stake in AMAG Pharmaceuticals.
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