(Corrects from "Elliot" to "Elliott" throughout)
May 8 Activist investor Elliott Management
reported a 15.3 percent stake in Gigamon Inc, making it
the software maker's top shareholder, and called the shares
Gigamon shares jumped 10.3 percent to $38.60 in early
trading on Monday.
Elliott plans to discuss with Gigamon's board opportunities
to maximize shareholder value, according to the filing,
according to a according to a regulatory filing. (bit.ly/2qhlQ7H)
The Paul Singer-led hedge fund said it may develop plans and
proposals suggesting potential changes in the company's
operations and management, among other possible moves.
The activist investor becomes the top shareholder in the
network specialist, followed by The Vanguard Group Inc, which
has a 7.64 percent stake, according to Thomson Reuters data.
Two weeks back, Gigamon reported a loss of $2.23 million for
the first quarter, compared with profit of $2.97 million a year
Dougherty & Co analyst Catharine Trebnick said after the
results that Gigamon had multiple red flags, including weakness
in its enterprise business and no acceleration in customer
The company's stock had fallen about 23 percent this year
(Reporting by Laharee Chatterjee in Bengaluru; Editing by Savio