Ancora Advisors threatens Shutterfly proxy battle
The activist investor, Ancora Advisors, has decided to put pressure on Shutterfly, threatening a proxy battle. The fund owned just 0.3% as of 2Q. This also comes after another activist investor, Marathon Partners, won two board seats in a proxy battle at this past annual shareholder meeting.
The issue, according to Ancora Advisors, is that the company has failed to quickly address concerns of shareholders, namely capital allocation, compensation and corporate strategy.