Jeffrey Smith‘s hedge fund, Starboard Value, reduced its stake in Emulex Corporation (NYSE:ELX) to around 5.34 million shares, from 7.25 million held earlier. The stake represents 5.8% of the company’s common stock. The move comes over a month after Starboard increased its position in the company, and sent a letter to the company’s board, in which it expressed its concern regarding the fact that the company is undervalued.
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