Stocks To Watch – Wausau Paper Corp. (NYSE:WPP), Legg Mason Inc (NYSE:LM)
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Wausau Paper Corp. (NYSE:WPP): LionEye Capital Management sends letter to WPP Board; urges co to hold management accountable; plans to vote for change at upcoming annual shareholders meeting. LionEye Capital Management sent a letter to the Board of Directors of Wausau Paper Corp. (NYSE:WPP) urging the Board to hold management accountable for recent performance. The letter also stated that LionEye plans to vote for a change in the composition of the Board at the upcoming annual meeting. LionEye has been an investor in Wausau Paper for over two years and owns 3.7% of the common shares outstanding.
“We have been a patient investor in Wausau Paper for 2 years. We believe that the Company has great assets and has the opportunity to create significant value for shareholders. However, we believe that the current Board of Directors is unwilling or unable to take all necessary steps to maximize shareholder value. Therefore, we believe that change in the composition of the Board, including the addition of shareholder representation, is in the best long-term interests of the Company.” Wausau Paper Corp. (NYSE:WPP) shares are trading at $ 13.06 in current session.
Legg Mason Inc (NYSE:LM) reports preliminary AUM of $679.9 billion as of Jan 31, 2014 versus $679.5 billion as of Dec 2013. January total AUM increased slightly from December with net inflows partially offset by market depreciation. Both liquidity and long-term flows were positive, with slight equity and fixed income inflows for the month.Legg Mason Inc (NYSE:LM) share in current session are trading at $44.16.