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Lifelock Inc (LOCK): Billionaire Paul Singer Adds To Activist Position

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Billionaire Paul Singer has stepped up his activist efforts concerning Lifelock Inc. (NYSE:LOCK), as disclosed in a recently amended filing with the Securities and Exchange Commission. Since the end of June, his fund Elliott Management has acquired 600,000 shares of the company, lifting its tally to 7.75 million shares, which account for 8.4% of the company’s outstanding stock. The fund has economic exposure to an additional 2.5% of Lifelock’s common stock through various derivative contracts.

Elliott Management disclosed its activist stake in Lifelock Inc. (NYSE:LOCK), a provider of identity theft protection services, in June and immediately engaged in talks with the company’s management regarding ways to increase shareholder value. Not long after, the company hired investment banking advisory firm Evercore Partners Inc. (NYSE:EVR), fueling speculation about a potential sale.

Lifelock had a tough second quarter, having registered a $7.6 million loss, though when adjusted for stock option expense and amortization costs, the company netted a profit of $0.07 per share, ahead of analysts’ projections of $0.04 per share. Revenue came in at $164.4 million, up by 13.4% year-over-year.

Paul Singer ELLIOTT MANAGEMENT

Hedge fund sentiment towards Lifelock Inc. (NYSE:LOCK) plummeted during the first quarter, as the number of long positions among the funds we follow dropped to 16 at the end of March, from 31 registered three months earlier. Okumus Fund Management, run by Ahmet Okumus, held the largest position among the funds in our database on March 31, consisting of 9.18 million shares, however it cut its position by 42% during the second quarter, to 5.36 million shares. Matthew Knauer and Mina Faltas’ Nokota Management opened a 3.28 million-share position in the stock during the second quarter.

Follow Lifelock Inc. (NYSE:LOCK)
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You can access the original SEC filing by clicking here.

Ownership Summary Table

Name Sole Voting Power Shared Voting Power Sole Dispositive Power Shared Dispositive Power Aggregate Amount Owned Power Percent of Class
Elliott Associates 2,480,000 0 2,480,000 0 2,480,000 2.7%
Elliott International 0 5,270,000 0 5,270,000 5,270,000 5.7%
Elliott International Capital Advisors Inc 0 5,270,000 0 5,270,000 5,270,000 5.7%
Paul Singer
Paul Singer
Elliott Management

Page 1 of 8 – SEC Filing

SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C.  20549
SCHEDULE 13D
(RULE 13D – 101)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT TO 13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO 13d-2(a)
(Amendment No. 2)*
LifeLock, Inc.
(Name of Issuer)
Common Stock, $0.001 par value
(Title of Class of Securities)
53224V 10 0
(CUSIP Number)
Stephen M. Schultz, Esq.
Kleinberg, Kaplan, Wolff & Cohen, P.C.
551 Fifth Avenue, New York, New York 10176
(212) 986-6000
(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)
August 9, 2016
(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report the acquisition which is the subject of this Schedule 13D, and is filing this schedule because of Rule 13d-1(e), 13d-1(f) or 13d-1(g), check the following box [ ].
Note:  Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits.  See Rule 13d-7 for other parties to whom copies are to be sent.
*The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).
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