NEW YORK (TheStreet) -- Bob Evans Farms (BOBE) shares are down -2.3% to $48.65 on Wednesday, continuing the drop the stock experienced in after-market trading on Tuesday, following the release of the company's fourth quarter and full year earnings results.
Sandell Asset Management Corporation, one of the company's largest shareholders, was unhappy with the quarterly results and blamed the disappointing numbers on mismanagement.
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"Yesterday's earnings release, which was delayed due to previously announced 'weaknesses in internal controls,' in our opinion illustrates both the mismanagement that has been exhibited by Chairman and CEO Steven Davis at the helm of Bob Evans and the lengths that he and his board of directors will go in order to entrench themselves at the expense of shareholders," said Sandell Asset Management.
Bob Evans reported earnings of $11.8 million, or 48 cents per diluted share, 7 cents better than Wall Street analysts had expected, but significantly less than the $19.4 million, or 69 cents per diluted share, the company reported the previous year.
TheStreet Ratings team rates BOB EVANS FARMS as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation: