Updated: Acorda shares surge as a big investor pushes it to the auction block
Looking to score a quick return, one of Acorda’s biggest shareholders $ACOR wants to call a time-out on the biotech’s death defying high wire act and roll out a safety net — for investors.
Scopia Capital Management filed notice with the SEC today that it has sent Acorda CEO Ron Cohen a letter outlining its call for a strategic review — including a hard push for a company auction. While counting itself a longtime admirer of Acorda, Scopia concluded that while the company has the cash needed to move forward “continuing to pursue an independent strategy presents significant risk for shareholders.”
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