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Vericel Corporation (VCEL) and RadiSys Corp. (RSYS) Activist Update

Eastern Capital LTD has filed an SC 13G/A form with the Securities and Exchange Commission (SEC) disclosing ownership of 1,298,081 shares of Vericel Corporation (NASDAQ:VCEL). This represents 3.6 percent ownership of the company. Previously, Eastern Capital LTD had reported owning 1,881,381 shares, indicating a decrease of -31.00 percent. Vericel Corporation has declared a standard industrial code (sic) of 2836 which is the “Biological Products, Except Diagnostic Substances (Biotech)” industry.

VIEX Capital Advisors, LLC has filed an SC 13D/A form with the Securities and Exchange Commission (SEC) disclosing ownership of 1,899,443 shares of RadiSys Corp. (NASDAQ:RSYS). This represents 4.8 percent ownership of the company. Previously, VIEX Capital Advisors, LLC had reported owning 3,167,365 shares, indicating a decrease of -40.03 percent. RadiSys Corp. has declared a standard industrial code (sic) of 3577 which is the “Computer Peripheral Equipment, Not Elsewhere Classified” industry.

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.

Amended Activist Investor Filings

RadiSys Corp. (RSYS) – VIEX Capital Advisors, LLC has filed an amended Schedule 13D/A, reporting a 4.80% ownership stake in RadiSys. This is a decrease of 40.74% from their previous filing.

Babcock & Wilcox Enterprises Inc. (BW) – VIEX Capital Advisors, LLC has filed an amended Schedule 13D/A, reporting a 4.60% ownership stake in Babcock & Wilcox Enterprises. This is a decrease of 45.24% from their previous filing.

Foster (L.B.) Co. (FSTR) – Legion Partners Asset Management, LLC has filed an amended Schedule 13D/A, reporting a 15.42% ownership stake in Foster Co.. This is a decrease of 0.06% from their previous filing.

Corvus Pharmaceuticals, Inc. (CRVS) – Orbimed Advisors Llc has filed an amended Schedule 13D/A, reporting a 20.47% ownership stake in Corvus Pharmaceuticals. This is a decrease of 19.95% from their previous filing.

Calpine Corp. (CPN) – Energy Capital Partners Iii, Lp has filed an amended Schedule 13D/A, reporting a 100.00% ownership stake in Calpine. This is an increase of 1,940.82% from their previous filing.

Armstrong World Industries, Inc. (AWI) – VA Partners I, LLC has filed an amended Schedule 13D/A, reporting a 12.90% ownership stake in Armstrong World Industries. This is a decrease of 22.29% from their previous filing.

Xerox Corp. (XRX) – Deason Darwin has filed an amended Schedule 13D/A, reporting a 15.20% ownership stake in Xerox.

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.

Morgan Stanley India Investment Fund, Inc. (IIF) – City Of London Investment Group Plc has filed a new SC 13G, reporting a 24.80% ownership stake in Morgan Stanley India Investment Fund. This is a decrease of 1.59% from their previous filing.

CGG (CGG) – Morgan Stanley has filed a new SC 13G, reporting a 5.00% ownership stake in CGG. This is an increase of 525.00% from their previous filing.

JAKKS Pacific, Inc. (JAKK) – Logen Asset Management Lp has filed a new SC 13G, reporting a 5.62% ownership stake in JAKKS Pacific.

CaesarStone Sdot-Yam Ltd. (CSTE) – Phoenix Holdings Ltd. has filed a new SC 13G, reporting a 5.05% ownership stake in CaesarStone Sdot-Yam.

Zai Lab Limited (ZLAB) – Gill John Ashburn has filed a new SC 13G, reporting a 2.70% ownership stake in Zai Lab.

Amended Passive Investor Filings

Wheeler Real Estate Investment Trust, Inc. (WHLR) – LDR Capital Management LLC has filed an amended Schedule 13D/A, reporting a 0.00% ownership stake in Wheeler Real Estate Investment Trust. This is a decrease of 100.00% from their previous filing.

Vericel Corporation (VCEL) – Eastern Capital LTD has filed an amended Schedule 13D/A, reporting a 3.60% ownership stake in Vericel. This is a decrease of 34.55% from their previous filing.

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