Cannell Capital took its stake in Envivio ($ENVI) from 6.75% to 6.1% - but this was driven by an agreement with potential board nominees ending, etc.
Cannell is apparently still a fan of Envivio. Here are some notes.
Envivio still satisfies Cannell's investment criteria. It started to acquire shares in 2013 and continue to hold the stock as a long-term investment.
Of note, they believe the current board has have failed the shareholders. Cannell has evaluated a number of alternative methods to allow shareholders to express their lack of satisfaction with the current members of the board.
They have decided to not solicit proxies for an alternative slate of directors in the 2015 election. The current intention is to run a "vote no" campaign in the 2015 election, and then follow up with a dissident proxy solicitation in the 2016 election.
The activist hedge fund is currently planning to post a lengthy presentation which illustrates the destruction of shareholder wealth under the current board.