|
|
Article: Steel Partners Comments on Adaptec's Second Quarter Financial Results.
- Article from:
- Investment Weekly News
- Article date:
- November 14, 2009
CopyrightCOPYRIGHT 2009 NewsRX. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
|
Steel Partners II, L.P. ("Steel Partners") today commented on the second quarter 2010 financial results released earlier today by Adaptec, Inc. ("Adaptec" or the "Company") (NASDAQ:ADPT), which highlights the Company's rapidly deteriorating performance. With the consent deadline just a few days away, Steel Partners also again urged stockholders to vote the WHITE consent card to remove Adaptec CEO Sundaresh and Legacy Director Loarie.
"After reviewing Adaptec's second quarter results, it is clear that the operating performance continues to rapidly deteriorate under Mr. Sundaresh and his so-called turnaround plan," stated Warren Lichtenstein of Steel Partners. "How ...