BEA Systems, Icahn Meeting Looks Likely

That process is about to come to a close. BEA has completed the options backdating investigation and submitted its revised financial statements to its accounting firm, according to the company.

Another activist investor, Naples, Fla.-based Private Capital Management, is the largest outside shareholder in BEA, with 41.4 million shares, or 10.6% of BEA. PCM has been a silent owner in BEA for some time, although PCM founder Bruce S. Sherman has a reputation as an activist investor.

Sherman was the instigator who pushed for the sale of Knight Ridder in 2006. In that case, Sherman kept his communications with management quiet until late in the process. BEA makes up 2.66% of PCM's portfolio, according to Thomson Financial.

New York City-based hedge funds J&W Seligman and Third Point have also opened stakes in BEA. Seligman added 9.2 million shares recently, bringing its stake up to 10.7 million shares. And Third Point bought 9.7 million shares in the second quarter, according to its most recent filing.

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