Navigate this market better. Subscribe for FREE stock alerts and information.

Wednesday, March 6, 2013

Starboard Value urges Tessera to sack CEO, overhaul board, (NASDAQ: TSRA)

Starboard Value, an activist hedge fund, called for the sacking of the CEO and an overhaul of the board of Tessera Technologies Inc, stepping up a longrunning battle with the technology patent firm over its governance. Tessera revealed this week that Starboard had sent it a letter alleging CEO Bob Young had engaged in possible improper conduct involving "an inappropriate relationship with a female employee of the company".The board asked Starboard to provide evidence for the allegations and said it unanimously backed Young.Wednesday's letter from Starboard comes a week after two independent directors of Tessera said Chairman Robert Boehlke was obstructing the smooth functioning of the board and they would resign unless he stepped down.The company and Young could not be immediately reached for comment.

Tessera Technologies, Inc. is a holding company. The Company operates through its subsidiaries in two segments: Intellectual Property and DigitalOptics. Shares of TSRA fell by 0.45% or $-0.08/share to $17.76. In the past year, the shares have traded as low as $12.77 and as high as $18.13. On average, 277088 shares of TSRA exchange hands on a given day and today's volume is recorded at 46098.