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 Activist Investor 13D Filings
Virtusa Corporation (NASDAQ:VRTU) – Orogen Viper LLC has filed a new SC 13D, reporting a 8.60% ownership stake in Virtusa.
Immersion Corporation (NASDAQ:IMMR) – Raging Capital Management, LLC has filed a new SC 13D, reporting a 9.80% ownership stake in Immersion. This is an increase of 75.00% from their previous filing.
New Passive Investor 13G Filings
Ocwen Financial Corp (NYSE:OCN) – COOPERMAN LEON G has filed a new SC 13G, reporting a 6.80% ownership stake in Ocwen Financial.
Broadwind Energy Inc. (NASDAQ:BWEN) – Man Group plc has filed a new SC 13G, reporting a 5.73% ownership stake in Broadwind Energy.
Advanced Emissions Solutions, Inc. (NASDAQ:ADES) – Coliseum Capital Management, LLC has filed a new SC 13G, reporting a 9.40% ownership stake in Advanced Emissions Solutions.
Amended Activist Investor Filings
RPX Corp (NASDAQ:RPXC) – Mangrove Partners Master Fund, Ltd. has filed an amended Schedule 13D/A, reporting a 4.60% ownership stake in RPX. This is a decrease of 24.59% from their previous filing.
Fiesta Restaurant Group Inc (NASDAQ:FRGI) – JCP Investment Management, LLC has filed an amended Schedule 13D/A, reporting a 1.80% ownership stake in Fiesta Restaurant Group. This is an increase of 6.51% from their previous filing.
Maxwell Technologies Inc (NASDAQ:MXWL) – VIEX Capital Advisors, LLC has filed an amended Schedule 13D/A, reporting a 2.81% ownership stake in Maxwell Technologies. This is a decrease of 26.05% from their previous filing.
Adeptus Health Inc (NYSE:ADPT) – Flynn James E has filed an amended Schedule 13D/A, reporting a 4.87% ownership stake in Adeptus Health. This is a decrease of 50.10% from their previous filing.
Northstar Realty Europe Corp (NYSE:NRE) – BOW STREET, LLC has filed an amended Schedule 13D/A, reporting a 0.00% ownership stake in NorthStar Realty Europe. This is a decrease of 100.00% from their previous filing.
Amended Passive Investor Filings
Global Water Resources Inc (NASDAQ:GWRS) – Cohn Andrew M. has filed an amended Schedule 13D/A, reporting a 7.70% ownership stake in Global Water Resources. This is an increase of 1.32% from their previous filing.
Planet Fitness Inc (NYSE:PLNT) – TSG6 MANAGEMENT L.L.C. has filed an amended Schedule 13D/A, reporting a 0.00% ownership stake in Planet Fitness. This is a decrease of 100.00% from their previous filing.
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