Fidest – Agenzia giornalistica/press agency

Quotidiano di informazione – Anno 32 n° 220

Altai Capital Responds to Amber Road’s Postponement of Annual Meeting

Posted by fidest press agency su sabato, 20 aprile 2019

Altai Capital Management, L.P. (“Altai Capital”), one of the largest shareholders of Amber Road, Inc. (NYSE: AMBR) (“Amber Road” or, the “Company”), today issued the following statement regarding the Company’s sudden announcement that it will postpone the 2019 Annual Meeting of Stockholders (the “Annual Meeting”), which was originally scheduled for May 7, 2019, by more than a month to June 18, 2019.“The unexplained decision of Amber Road’s Board to postpone the Annual Meeting appears to us to be a clear attempt to further entrench the Board and avoid accountability. We believe investors deserve the opportunity to voice, without delay, their frustration at the strategic missteps of the Company’s leadership. By delaying the shareholders’ right to elect directors at the appropriate meeting time, we believe the Company is perpetuating the pattern of self-serving actions and value destruction that have characterized Amber Road to date. We see no valid purpose for postponing the Annual Meeting and question the Board’s decision to do so only days before the scheduled date and after proxies have already been delivered to shareholders. In the absence of any explanation, we can only conclude that the Board is trying to buy more time to gather support they do not believe they have. As we have stated all along, Amber Road’s Board is in critical need of improvement—fresh, independent minds are essential to hold management accountable, to properly explore strategic alternatives and to provide shareholders with the transparency they deserve. This Board’s delay tactics only reinforce our concerns, serving as an acute reminder that the Company’s current Board, in our view, prioritizes its desire to stay in office over respecting the rights of its shareholders. To the extent that the current Board is deliberating on material decisions, we strongly believe that such deliberations should be conducted by a new, duly elected Board best-positioned to represent the best interests of all shareholders.


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