CLEVELAND, Oct. 13, 2015 /PRNewswire/ -- Ancora Advisors LLC ("Ancora"), a shareholder of Shutterfly, Inc. ("Company"), sent a letter this morning to Philip Marineau, the Board Chairman at Shutterfly. Please find below a link to the full text of the letter.
Ancora believes that the board and management have failed to appreciate the new mandate for Shutterfly issued by shareholders at the 2015 annual meeting. On its latest conference call, Shutterfly's management dismissed the need for change within the Company's corporate strategy and capital allocation, and made it clear they do not comprehend the magnitude of the transformation required in executive compensation to appease shareholders. Ancora discusses its views on these three topics at length in the letter.
If Shutterfly's board continues its dismissive stance toward shareholder concerns, Ancora believes it is hard to envision a scenario where the Company does not face another proxy contest in 2016, particularly in light of the recent share price underperformance.
Please click the following link to access the full letter: ANCORA LETTER TO SFLY CHAIRMAN
About Ancora Advisors
Ancora Advisors LLC is a registered investment adviser with the Securities and Exchange Commission of the United States. Ancora offers comprehensive investment solutions for institutions and individuals in the areas of fixed income, equities, global asset allocation, alternative investments and retirement plans. A more detailed description of the company, its management and practices are contained in its "Firm Brochure" (Form ADV, Part 2A). A copy of this form may be received by contacting the company at: 6060 Parkland Boulevard, Suite 200 Cleveland, Ohio 44124, Phone: 216-825-4000, or by visiting the website, www.ancora.net
SOURCE Ancora Advisors LLC