OPRT - Findell Capital Management LLC Issues Statement to the Stockholders of Oportun Financial Corporation | Benzinga
Expresses Serious Concerns About Oportun's Financial and Stock Price Underperformance Under CEO Raul Vazquez
Believes that the Board's Continued Lack of Oversight and Inexplicable Allegiance to CEO Raul Vazquez Demonstrates that More Change Is Needed
Believes Oportun Should be Able to Generate $3-4 a Share and be Worth $20 a Share with an Improved Operating Cost Structure
Looking to Work Constructively with the Board to Onboard New Independent Directors and Avoid a Costly Proxy Contest but Will Nominate a Competing Slate of Highly Qualified Director Candidates Unless Concrete Progress is Made in Short Order
NEW YORK, Dec. 4, 2023 /PRNewswire/ -- Findell Capital Management LLC (together with its affiliates, "Findell Capital" or "we"), which beneficially owns approximately 5.4% of the outstanding shares of common stock of Oportun Financial Corporation (NASDAQ: OPRT) ("Oportun" or the "Company"), today issued the following statement to all stockholders of Oportun.
Dear Fellow Stockholders:
Findell Capital Management LLC (together with its affiliates, "Findell Capital" or "we"), has been a significant stockholder of Oportun Financial Corporation (NASDAQ: OPRT) ("Oportun" or the "Company"), and we recently acquired a greater than 5% ownership stake of the Company's outstanding shares of common stock.
We are writing to our fellow stockholders today because we believe that Oportun's board of directors (the "Board") is not acting with the sort of urgency required to address the Company's dire situation.
Oportun's performance under the current management team speaks for itself.
Since its IPO in late 2019, Oportun has delivered a total stockholder return of -82% while its competitor OneMain Holdings, Inc., subject to the same macro environment, has returned +78% inclusive of ...