Elliott Management Urges Riverbed Technology To Engage In Dialogue
(dpa-AFX International Compact Via Acquire Media NewsEdge) WASHINGTON (dpa-AFX) - Elliott Management Corp. said that it urged board of directors of Riverbed Technology (RVBD) to engage in dialogue.
In its public statement, Elliott Management said, "It has now been two weeks since Elliott requested a meeting with Riverbed to discuss the results of its annual meeting, at which shareholders overwhelmingly voted down the company's proposals and voted off the director up for reelection. We are one of Riverbed's largest shareholders, and the fact that this board hasn't responded to our request for a simple meeting is unprecedented in Elliott's history."
Despite complaints from other shareholders and public criticism from leading shareholder advisers ISS and Glass Lewis, Elliott stated that Riverbed Directors Mark Floyd, Chris Schaepe, Kim Stevenson, Michael Boustridge, Eric Wolford and CEO Jerry Kennelly have done nothing to address the severe governance issues at Riverbed and the need to rectify its significant stock-price underperformance. Riverbed is experiencing a governance crisis.
"It is long past time for this Board to stop stonewalling shareholders and engage with us to find a path forward," Elliott said.
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