There were 10 notable investor filings today. Esperion Therapeutics Inc (NASDAQ:ESPR) is the largest company of interest.
When a person or group of persons acquires beneficial ownership of more than 5% of a company’s equity securities, they are required to file a Schedule 13D or 13G with the SEC. If these groups intend to influence management into changing the business strategy, they are considered “activist” investors. There is considerable academic research that suggest activist investors contribute to excess returns in equities in the subsequent twelve months after the event.
Investors that acquire 10% or more of a company’s shares, or that gain a board seat, are considered insiders by the SEC and are subject to stricter insider trading filing requirements.
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New Activist Investor Filings
Investors that acquire more than 5% of the shares of a company and intend to influence management are considered activist investors and must file a 13D.
Entellus Medical, Inc. (NASDAQ:ENTL) - Sand Grove Capital Management LLP has filed a new SC 13D, reporting a 5.18% ownership stake in Entellus Medical.
New Passive Investor Filings
Investors that acquire more than 5% of the shares of a company but have no intention of influencing management are considered passive investors and must file a 13G.
NovaCopper Inc. (AMEX:NCQ) - South32 Ltd has filed a new SC 13G, reporting a 6.20% ownership stake in NovaCopper.
EnteroMedics, Inc. (NASDAQ:ETRM) - Svlsf Iv, Llc has filed a new SC 13G, reporting a 14.00% ownership stake in EnteroMedics.
Amended Activist Investor Filings
ChromaDex Corporation (NASDAQ:CDXC) - Frost Phillip Md Et Al has filed an amended Schedule 13D/A, reporting a 6.19% ownership stake in ChromaDex. This is a decrease of 18.23% from their previous filing.
Esperion Therapeutics, Inc. (NASDAQ:ESPR) - Alta Partners VIII, L.P. has filed an amended Schedule 13D/A, reporting a 2.70% ownership stake in Esperion Therapeutics. This is a decrease of 58.46% from their previous filing.
Kewaunee Scientific Corp. (NASDAQ:KEQU) - Estate of Laura Campbell Rhind has filed an amended Schedule 13D/A, reporting a 4.90% ownership stake in Kewaunee Scientific. This is a decrease of 63.27% from their previous filing.
AgroFresh Solutions, Inc. (NASDAQ:AGFS) - Boulevard Acquisition Sponsor, Llc has filed an amended Schedule 13D/A, reporting an updated ownership stake in AgroFresh Solutions.
ONE Group Hospitality, Inc. (NASDAQ:STKS) - Philotimo Fund, LP has filed an amended Schedule 13D/A, reporting a 16.70% ownership stake in ONE Group Hospitality.
Approach Resources, Inc. (NASDAQ:AREX) - Wilks Brothers, LLC has filed an amended Schedule 13D/A, reporting a 46.86% ownership stake in Approach Resources. This is an increase of 2.20% from their previous filing.
TerraForm Global, Inc. (NASDAQ:GLBL) - Brookfield Asset Management Inc. has filed an amended Schedule 13D/A, reporting a 100.00% ownership stake in TerraForm Global. This is an increase of 474.71% from their previous filing.
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