MusclePharm ($MSLP): Targeted by Wynnefield and CONSAC

As we sent out via Activist Strategy yesterday, MusclePharm has two activist investors. CONSAC joined Wynnefield as an activist in MusclePharm last week. Together, they own over 15% of the company. Now Wynnefield hasn’t laid out its full plans, but corporate governance issues appear to be a key starting point.

Then there’s the leaked letter from last quarter, putting concerns about transparency to the forefront. Management made no mention of any production delays in the 1Q conference call, and instead cited the different timing of the Arnold bodybuilding event in 2015 vs. 2014 as the reason for lower revenues and increased backlog.

Leaked letter:

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