Activist investor Jana Partners disclosed in a letter Monday that it has built a "significant" position in semiconductor manufacturer Wolfspeed and urged the company to resolve what it called a "staggering erosion of shareholder value," up to and including a sale.
In the letter to Wolfspeed's board, viewed by CNBC, Jana wrote that the semiconductor company's "differentiated manufacturing capabilities" and status as an "American supplier supporting the energy transition" gave it significant intrinsic value.
Jana also wrote that management's missteps around capital allocation, execution and strategy had depressed the stock.
Wolfspeed, formerly known as Cree, is a supplier of electronic components and semiconductors used to manage electricity, often in cars.
Jana said Wolfspeed's board should "promptly" begin a comprehensive review of the business, up to and including a sale.
Persons:
Scott Ostfeld, Jana Partners, Jana, Wolfspeed, Barry Rosenstein, Kif Leswing
Organizations:
JANA Partners, CNBC, Reuters, TSR, Qualcomm, Trimble
Locations:
New York City, U.S, Mohawk Valley, Siler City, Freshpet ,