Latest Third Point LLC Stories
NEW YORK, MAY 10, 2012 /PRNewswire/ -- Third Point LLC, Yahoo! Inc.'s (NASD: YHOO) largest outside shareholder, noted today that Yahoo! has set a record date of Thursday, May 17, 2012 for its upcoming 2012 Annual Meeting of Shareholders, thus making Monday, May 14, 2012 the last day that a shareholder may purchase shares and settle with record date ownership. This information was not included in Yahoo!'s preliminary proxy statement filed with the SEC and has not been publicized...
NEW YORK, May 9, 2012 /PRNewswire/ -- Third Point LLC, owners of 5.8% of Yahoo! shares sent the following letter to the Company's Board today: Board of DirectorsYahoo! Inc.701 First AvenueSunnyvale, CA 94089 Dear Board of Directors: Six days have passed since Yahoo! acknowledged the fabrications in Chief Executive Officer Scott Thompson and Director Patti Hart's resumes. Since then, the following has occurred: (i) shareholders have been told that Mr. Thompson's errors were...
Michael Harper for RedOrbit.com Update 10:30 AM CST May 9: Loeb and party have issued another letter to the board at Yahoo, expressing what could be called extreme frustration with the way they’ve handled their requests thus far. Finding Hart’s statements and Thompson’s apologies unacceptable, Loeb wrote: ---------- Dear Board of Directors: Six days have passed since Yahoo! acknowledged the fabrications in Chief Executive Officer Scott Thompson and Director Patti Hart's...
Michael Harper for RedOrbit.com It would appear as if Third Point’s 3 letters and subsequent follow-up have strong-armed Yahoo CEO Scott Thompson into apologizing for “padding” his resume with false information, but he isn’t planning on stepping down. According to an early morning release from Reuters, Yahoo’s board met yesterday afternoon to discuss the company's mounting troubles and controversy surrounding Thompson, who has reportedly made false claims on his resume, in...
NEW YORK, May 7, 2012 /PRNewswire/ -- Third Point LLC sent Yahoo! a demand today pursuant to Section 220(b) of the Delaware General Corporation Law to inspect books and records relating to the hiring of CEO Scott Thompson, the appointment of Patti Hart to the Yahoo! Board, and the selection of Board Members Peter Liguori, John Hayes, Thomas McInerney, Maynard Webb, Jr., and Fred Amoroso. A copy of Third Point's demand is attached. Third Point believes that Yahoo! shareholders and...
Michael Harper for RedOrbit.com Last week, Yahoo’s largest investor Third Point LLC called out the new CEO Scott Thompson for allegedly lying about his education. Thompson, who has only been in his position since January, has been saying he has a Bachelors degree in computer science for years. Dan Loeb, who heads the hedge fund, discovered this was not true, and asked for further investigation by the board of directors. The board answered Loeb by saying they would look into his...
NEW YORK, May 4, 2012 /PRNewswire/ -- Third Point LLC, owners of 5.8% of Yahoo! shares, sent the following letter today to the Yahoo! Board of Directors: May 4, 2012 Board of DirectorsYahoo! Inc.701 First AvenueSunnyvale, CA 94089 Dear Board of Directors: Yahoo!'s initial response yesterday to Third Point's identification of material inaccuracies in both CEO Scott Thompson's and Director Patti Hart's educational record was insulting to shareholders. We assume that these initial...
NEW YORK, May 3, 2012 /PRNewswire/ -- Third Point LLC, owners of 5.8% of Yahoo! shares, sent the following letter today to the Yahoo! (NASD: YHOO) Board of Directors: May 3, 2012 Board of DirectorsYahoo! Inc.701 First AvenueSunnyvale, CA 94089 Dear Board of Directors: According to the Yahoo! Form 10-K/A, filed with the Securities and Exchange Commission on April 27, 2012, newly-hired Chief Executive Officer, Scott Thompson, "holds a Bachelor's degree in accounting and computer...
NEW YORK, April 4, 2012 /PRNewswire/ -- Yahoo! Inc's (NASDAQ: YHOO) layoffs announced today represent the Company's fifth significant headcount reduction in as many years. While this action was unfortunately necessary and widely expected, Third Point, Yahoo!'s largest outside shareholder, is disappointed that this round of cuts occurred before CEO Scott Thompson has articulated his strategic plan for the Company. A "comprehensive strategic review" of Yahoo! was originally...
NEW YORK, March 28, 2012 /PRNewswire/ -- Third Point LLC, owners of 5.8% of Yahoo! shares, sent the following letter today to Yahoo! (NASD: YHOO) Chief Executive Officer Scott Thompson: Mr. Scott ThompsonChief Executive OfficerYahoo! Inc.701 First AvenueSunnyvale, CA 94089 March 28, 2012 Dear Scott: As we discussed, Third Point LLC ("Third Point"), Yahoo!'s largest outside shareholder, was disappointed that you and the Board of Directors did not agree to the reasonable compromise...
