BNFT - Benefitfocus stock rises 9% after investor urges strategy review including sale

Benefitfocus (BNFT) rose 9.4% in trading today after an activist investor, Indaba Capital, sent a letter to the BNFT's board, seeking the formation of a committee to review its options, including a "good faith sales process."Indaba, which has shared voting power over 9.6% of BNFT's shares according to the filing, blames the company's "prolonged financial and share price underperformance is a result of dismal corporate governance, problematic related party transactions and a history of poor oversight and strategic execution."The investor also wants the company to immediately add independent shareholder representatives identified by Indaba to the board and form the committee.It also said it had sent letter to the board in December and January.BNFT's total return lags the S&P 500 over the past year:

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Benefitfocus stock rises 9% after investor urges strategy review, including sale