Dear Valued Visitor,

We have noticed that you are using an ad blocker software.

Although advertisements on the web pages may degrade your experience, our business certainly depends on them and we can only keep providing you high-quality research based articles as long as we can display ads on our pages.

To view this article, you can disable your ad blocker and refresh this page or simply login.

We only allow registered users to use ad blockers. You can sign up for free by clicking here or you can login if you are already a member.

13D Filing: Eastbay Asset Management Buys Shares of Shutterfly Inc (SFLY), Expresses Concern Over Disinterest in a Sale

Adam Wolfberg and Steven Landry‘s Eastbay Asset Management has filed a Form 13D on Shutterfly, Inc. (NASDAQ:SFLY), the fund’s top stock pick at the end of 2015. The filing shows that Eastbay has added about 360,000 shares to its Shutterfly position in 2016, lifting it to 5.4% of the company’s shares. Wolfberg and Landry’s fund also sent a letter to the company’s Board of Directors on February 26 stating that it was concerned by the dismissiveness which Shutterfly is showing towards a potential acquisition offer made by a private equity firm, as relayed in the company’s most recent Form 8-K, filed on February 23. Shutterfly stated that it is not engaged in merger discussions and that it is more interested in its financial results and in finding a new CEO. The full content of the filing can be found below.

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
EastBay Asset Management 0 1,896,071 0 1,896,071 1,896,071 5.4%
Adam Wolfberg 0 1,896,071 0 1,896,071 1,896,071 5.4%
Steven Landry 0 1,896,071 0 1,896,071 5.4%
Adam Wolfberg And Steven Landry
Adam Wolfberg And Steven Landry
EastBay Asset Management

Page 1 of 15 SEC Filing

(Amendment No.)*
Shutterfly, Inc.
(Name of Issuer)
Common stock, $0.0001 par value per share
(Title of Class of Securities)
(CUSIP Number)
Adam Wolfberg
c/o EastBay Asset Management, LLC
1345 Avenue of the Americas, 3rd Floor
New York, New York  10105
(212) 702-7148
(Name, Address and Telephone Number of Person Authorized to Receive
Notices and Communications)
February 26, 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 that is the subject of this Schedule 13D, and is filing this schedule because of ss.240.13d-1(e), 240.13d‑1(f) or 240.13d-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 § 240.13d-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 (“Act”) 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).
Follow Shutterfly Inc (NASDAQ:SFLY)
Trade (NASDAQ:SFLY) Now!

DOWNLOAD FREE REPORT: Warren Buffett's Best Stock Picks

Let Warren Buffett, George Soros, Steve Cohen, and Daniel Loeb WORK FOR YOU.

If you want to beat the low cost index funds by 19 percentage points per year, look no further than our monthly newsletter.In this free report you can find an in-depth analysis of the performance of Warren Buffett's entire historical stock picks. We uncovered Warren Buffett's Best Stock Picks and a way to for Buffett to improve his returns by more than 4 percentage points per year.

Bonus Biotech Stock Pick: You can also find a detailed bonus biotech stock pick that we expect to return more than 50% within 12 months.
Subscribe me to Insider Monkey's Free Daily Newsletter
This is a FREE report from Insider Monkey. Credit Card is NOT required.