This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Sandell Comments On Decision By Bob Evans To Postpone Earnings Release

Tom Sandell, CEO of Sandell Asset Management Corporation (“Sandell”), one of the largest shareholders of Bob Evans Farms, Inc. (NASDAQ:BOBE) (“Bob Evans” or the “Company”), commented on the recent announcement that the Company would be delaying its Fiscal 2014 Full-Year and Fourth-Quarter earnings release date from June 17, 2014 to July 8, 2014.

“The decision by Bob Evans to delay its earnings release due to 'weaknesses in internal controls', which we believe relate to matters that should have been resolved some time ago, is further clear evidence of a management team that is incapable of effectively running the Company. We are also deeply concerned that it may reflect a desperate and underhanded attempt to disenfranchise shareholders. In fact, we find it highly suspicious that Bob Evans has scheduled this release for a day shortly after July 3, which we believe is the record date for the Company’s 2014 Annual Meeting. Given the past track record of poor governance established by this current Board, it is difficult for us to take this latest excuse at merely face-value, as it may instead reflect an attempt to prevent investors intent on holding the Board accountable from availing themselves of the true financial picture of the Company prior to the record date.

“In light of this disclosure, which likely relates to matters dating back to those initially disclosed in the Company's 10-K for the fiscal year ended April 26, 2013, we believe that Eileen Mallesch, the Chairperson of the Audit Committee, should immediately resign from the Board of Directors. We note that the Company had spent approximately $1.8 million in the first six months of Fiscal 2014 on 'additional professional expenditures primarily related to ongoing material weaknesses and remediation related activities', an amount that has surely increased. This is yet further evidence of the very real economic damage that has been incurred as a result of Board members that in our opinion have been clearly incapable of providing effective oversight, a fact that will not be lost on institutional and other investors assessing governance matters.

1 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

Chart of I:DJI
DOW 16,643.01 -11.76 -0.07%
S&P 500 1,988.87 +1.21 0.06%
NASDAQ 4,828.3250 +15.6170 0.32%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs