Cove Street Capital Giving Up On Westell Technologies Inc (WSTL)?

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 4)*

Westell Technologies Inc

(Name of Issuer)

Common Stock Class A, $.01 par value

(Title of Class of Securities)

957541105

(CUSIP Number)

Daniele Beasley
Cove Street Capital LLC
2101 E. El Segundo Boulevard, Suite 302
El Segundo, CA 90245

(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)

February 28, 2017

(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 §§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.

* This Amendment No. 4 (“Amendment No. 4”) dated February 28,
2017 amends and supplements Amendment No. 3 (“Amendment No. 3”) dated September 22, 2016, which amends and
supplements Amendment No. 2 (“Amendment No. 1”) which amends and supplements the Amendment No 1 (“Amendment
No. 1) statement on Schedule 13D filed with the Securities and Exchange Commission (the “SEC”) on August 11, 2016
with respect to Common Stock Class A, $.01 par value (“Common Stock”) of Westell Technologies Inc, (the
“Issuer”). Capitalized terms used herein and not otherwise defined in this Amendment No. 1 have the meanings set
forth in the Schedule 13D

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).

CUSIP No. 957541105		13D		Page 2 of 3 Pages

1.		NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) Cove Street Capital, LLC I.R.S IDENTIFICATION NO 27-5376591
2.		CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (see instructions) (a)    ¨ (b)    ¨
3.		SEC USE ONLY
4.		SOURCE OF FUNDS (see instructions)   OO
5.		CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e)     ¨
6.		CITIZENSHIP OR PLACE OF ORGANIZATION   DELAWARE

NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH		7.		SOLE VOTING POWER   5,989,711
		8.		SHARED VOTING POWER   1,122,953
		9.		SOLE DISPOSITIVE POWER   5,989,711
		10.		SHARED DISPOSITIVE POWER   1,122,953

11.		AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 7,112,664
12.		CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (see instructions)    ¨
13.		PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 14.89%
14.		TYPE OF REPORTING PERSON (see instructions) IA

CUSIP No. 957541105		13D		Page 2 of 3 Pages

Item 1.  Security and Issuer.

This statement related
to the common stock class A, $.01 par value per share (the “Shares”), of Westell Technologies, Inc (the “Issuer”).
The address of the principal executive offices of the Issuer is 750 North Commons Drive, Aurora, IL 60504.

Item 2.  Identity and Background.

a) This statement on Schedule 13D is being
filed pursuant to Rule 13d-1 under the Securities Exchange Act of 1934, as amended, by Cove Street Capital, LLC (CSC).

b) The address of the principal office of CSC
is: 2101 East El Segundo Boulevard, Suite 302, El Segundo, CA 90245

c) The principal business of CSC is as an Investment
Adviser.

d) CSC, nor any of its members has, during
the last five years, been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors).

e) CSC, nor any of its members was,
during the last five years, a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and,
as a result of such proceeding, was or is subject to a judgment, decree or final order (1) enjoining future violations of, or
prohibiting or mandating activities subject to, federal or state securities laws, or (2) finding any violation with respect
to such laws.

f) CSC is a Delaware limited liability company.

Item 3.  Source or Amount of Funds or
Other Consideration.

CSC in its capacity as an Investment Adviser will purchase on behalf of its clients. No monies are borrowed for such an acquisition.
The aggregate purchase price of the 7,112,664 Shares beneficially owned by CSC is approximately $14,771,512 including brokerage
commissions.

Item 4.  Purpose of Transaction.

The purpose of
this filing is to update our ownership percentage as previously filed on September 20, 2016.

Item 5.  Interest in Securities of the
Issuer.

The
aggregate percentage of Shares reported owned by each person named herein is based upon 47,772,202 Shares
outstanding, which is the total number of Shares outstanding as of June 30, 2016 as reported in the Issuer’s Quarterly
Report on Form 10-Q filed with the Securities and Exchange Commission on February 10, 2017.

A. CSC

(a) As of the close of business
on February 28, 2017, CSC beneficially owned 7,112,664 shares. Percentage: Approximately 14.89%

(b) 1. Sole power to vote or direct
to vote: 5,989,711

2. Shared power to vote of direct vote:
1,122,953

3. Sole power to dispose of direct
the disposition: 5,989,711

4. Shared power to dispose or direct
the disposition: 1,122,953

(c) CSC has effected transactions,
on behalf of its clients, in the following shares of Common Stock Class A in the last 60 days.

Date Of Transaction	Buys/Sells	Quantity	Amount	Unit Price
02/07/2017	Sell	38,273	32,971.46	0.86
02/07/2017	Sell	11,727	10,102.58	0.86
02/14/2017	Sell	40,781	32,032.77	0.79

Item 6.  Contracts, Arrangements,
Understandings or Relationships with Respect to Securities of the Issuer.

Except as otherwise
described in this Schedule 13D, there are no contracts, arrangements, understandings, or relationships (legal or otherwise) among
CSC, or between any third party, with respect to any securities of the Issuer

Item 7.  Material to Be Filed as
Exhibits.

CUSIP No. 000000000		13D		Page 3 of 3 Pages
957541105

SIGNATURE

After reasonable inquiry and to the best of my knowledge
and belief, I certify that the information set forth in this statement is true, complete
and correct.