An activist investor just slammed Buffalo Wild Wings for the 2nd time in 2 weeks — here's the full presentation (BWLD)

pulse

March 8, 2017 6:12 PM

Marcato Capital Management just publicly ripped apart Buffalo Wild Wings for the second time in a little over two weeks.

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For the second time in two weeks, Buffalo Wild Wings has been publicly slammed by the activist investor Marcato Capital Management.

On Wednesday, Marcato, which has a 5.2% stake in Buffalo Wild Wings, sent a presentation to the restaurant's shareholders claiming that Buffalo Wild Wings' management was not putting "their money where their mouth is" by not owning enough company stock.

"Since its IPO in 2003, Buffalo Wild Wings' Board and Management team have sold the vast majority of all stock ever owned. Shareholders deserve a Board and management team that is willing to commit its own capital alongside them," said Mick McGuire, the founder and CEO of Marcato who has been called a "protégé" of his fellow activist investor Bill Ackman.

The presentation said only one director had bought stock on the open market.

"If the leaders of Buffalo Wild Wings don't believe in the long-term value of BWLD stock, why should shareholders believe in them?" the presentation said.

Last month, Marcato's presentation accused the company of "overpromising and underdelivering."

Here is the full presentation:

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