There were 18 notable investor filings today. American Assets Trust, Inc. (NYSE:AAT) is 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 13D 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.
New Passive Investor 13G 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.
Amended Activist Investor Filings
RLJ Entertainment, Inc. (NASDAQ:RLJE) – AMC Networks Inc. has filed an amended Schedule 13D/A, reporting a 64.30% ownership stake in RLJ Entertainment. This is a decrease of 19.42% from their previous filing.
Peregrine Pharmaceuticals, Inc. (NASDAQ:PPHM) – Ronin Capital, LLC has filed an amended Schedule 13D/A, reporting a 7.80% ownership stake in Peregrine Pharmaceuticals. This is a decrease of 3.70% from their previous filing.
Tabula Rasa HealthCare, Inc. (NASDAQ:TRHC) – Knowlton Calvin H has filed an amended Schedule 13D/A, reporting a 6.20% ownership stake in Tabula Rasa HealthCare. This is a decrease of 23.46% from their previous filing.