Empire Capital Management, managed by Scott Fine and Peter Richards, has revealed trimming its passive stake in Sonus Networks Inc. (NASDAQ:SONS). In an amended filing, Empire Capital reported owing 26.48 million shares, down from 26.50 million shares disclosed earlier. The position is equivalent to 10.6% of common stock.
Sonus Networks Inc. (NASDAQ:SONS) is engaged in providing networked solutions for communications service providers. The company has a market cap of $844.9 million. On March 21, Sonus Networks Inc. (NASDAQ:SONS) announced the pricing of its public offering of 37.5 million shares of its common stock on behalf of the Galahad Securities Limited and its affiliated entities at $3.53 per share. The underwriters of the offering were granted a 30-day option to purchase up to 5.63 million additional shares from the Legatum Group. In addition, the company said it will repurchase around 21.5 million shares of its common stock from the underwriter that are subject of the offering.
Donald Chiboucis’ Columbus Circle Investors and Jim Simons’ Renaissance Technologies are among the largest shareholders of Sonus Networks Inc. (NASDAQ:SONS), holding 8.26 million shares and 1.69 million shares, respectively.
Empire Capital Management was founded in 1996 by Scott Fine and Peter Richards. Empire Capital is a long/short fundamentals driven hedge fund focusing on technology stocks. In January, the fund initiated a position in Veeva Systems Inc (NYSE:VEEV), owning 872,000 shares of class A common stock.
According to Empire Capital Management’s most recent 13F, Sonus Networks Inc. (NASDAQ:SONS) was the largest holding, in terms of value. It is followed by Jive Software Inc (NASDAQ:JIVE), in which the fund held 6.0 million shares. Moreover, the fund reported ownership of 100,000 shares of Apple Inc. (NASDAQ:AAPL).