Neuberger Berman Group upped its stake in Ultratech (UTEK) from 1.715 million shares (as of 13F) to 1.828 million, now owning 6.7%.
Neuberger sent a letter [linked here] taking the company to task over Ultratech’s failure to create shareholder value, certain compensation practices with respect to the Issuer’s stock plans, significant dilution of shareholders and what appears to be a lack of alignment of the Issuer’s management with its shareholders.
Ultratech is the $454 million market cap developer and maker of photolithography, laser thermal processing, and inspection equipment. It supplies step-and-repeat photolithography systems based on one-to-one imaging technology for semiconductor device and nanotechnology manufacturers.
Li Lu’s Four Basic Principles of Value Investing
Li Lu is undoubtedly one of the most under-appreciated investors. The founder and Chairman of Himalaya Capital Management established his firm in 1997 based on the principles laid out by Benjamin Graham. Lu is a close friend of Charlie Munger and was once thought to be in-line to succeed Warren Buffett as the chief investment Read More