Date Posted: 4/24/2002
Dissident group derides Clarus' "dismal" performance
GREENWICH, Conn., April 24 (Reuters) - A dissident group looking to win three seats on Clarus Corp.'s (NasdaqNM:CLRS - news) board said on Wednesday the software provider's ``dismal'' stock and financial performance have made the group's efforts necessary.
Warren Kanders, Burtt Ehrlich and Nicholas Sokolow, who collectively own 5.5 percent of Clarus' outstanding shares, said in a U.S. Securities and Exchange Commission filing that if elected, they would push the board to pursue strategic alternatives that enhance long-term shareholder value.
The dissident group said they have tried to take their ideas and concerns to the company's management, but have been rebuffed. Among the reasons for the proxy fight cited in the group's filing is the company's 50 percent decline in revenues during 2001 and dramatic fall in stock price during the last two years.
Clarus shares fell 14 cents, or 3.1 percent, to $4.36 in mid-afternoon trading on the Nasdaq market, more than 50 percent off its 52-week high of $8.91 per share. The company disclosed the dissident slate two weeks ago and said it would ``vigorously oppose'' the group's election.
|
Email Page
|
Sponsor Message |
 |
|