Neuberger Berman Goes Active On Ultratech
Neuberger Berman Group upped its stake in Ultratech (UTEK) from 1.715 million shares (as of 13F) to 1.828 million, now owning 6.7%.
Neuberger sent a letter [linked here] taking the company to task over Ultratech’s failure to create shareholder value, certain compensation practices with respect to the Issuer’s stock plans, significant dilution of shareholders and what appears to be a lack of alignment of the Issuer’s management with its shareholders.
Ultratech is the $454 million market cap developer and maker of photolithography, laser thermal processing, and inspection equipment. It supplies step-and-repeat photolithography systems based on one-to-one imaging technology for semiconductor device and nanotechnology manufacturers.