Starboard Urges Emulex CEO, Board To Unlock Shareholder Value

(RTTNews) - Investment adviser Starboard Value LP, one of the largest shareholders of network connectivity products company Emulex Corp. (ELX) with beneficial stake of about 7.9%, said Monday it has delivered a letter to the company's CEO Jeffrey Benck and the Board.

In the letter, Starboard expressed that based on its extensive research and analysis, Emulex is extremely undervalued and clear opportunities exist within the control of Emulex's management team and Board to unlock significant shareholder value.

Starboard also outlined its concerns about the company's past underperformance, as well as Starboard's views on the steps required to unlock value for the benefit of all Emulex shareholders. Starboard believes that Emulex bis extremely undervalued and that clear opportunities exist within the control of management and the Board to unlock significant shareholder value.

Starboard said it is disappointed with the company's fiscal fourth quarter results urged the Board to take immediate action to address Emulex's poor operating and share price performance.