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Third Point Demands Records From Yahoo About CEO's Hiring

DOW JONES NEWSWIRES Hedge fund Third Point LLC said it sent demands to Yahoo Inc. (YHOO) to open its records about the hiring of its chief executive and the naming of certain board members, amid a continued attack on the Internet company's management. Third Point, which owns nearly 6% of Yahoo shares, had set a deadline of noon EDT Monday for Yahoo to act on its demands, which include calling for the termination of Chief Executive Scott Thompson, among other things, after the company admitted last week it misstated Thompson's academic record. About half an hour following the deadline, Third Point said it made a written request for company records related to the hiring of Thompson, the appointment of Patti Hart to the Yahoo board, and the selection of board members Peter Liguori, John Hayes, Thomas McInerney, Maynard Webb, Jr., and Fred Amoroso. The demand was made under a section of Delaware General Corporation Law that allows any stockholder to inspect certain books and records of a public company upon written request. "We believe that this internal investigation by this board must not be conducted behind a veil of secrecy and shareholders deserve total transparency," Third Point said. A Yahoo representative wasn't immediately available for comment. Third Point, run by activist investors Dan Loeb, last week alleged that Yahoo misstated Thompson's bachelor's degree in Securities and Exchange Commission filings, stating he held a degree in accounting and computer science, even though his degree was only in accounting. Yahoo soon after confirmed the error. The accusation and response indicate the rising tension in the ongoing proxy fight between Yahoo and Third Point, which has been agitating for an overhaul of the company's board. Yahoo, meanwhile, is in the midst of a turnaround effort under Thompson, who was appointed in January, and joined the company from eBay Inc. (EBAY). Yahoo's shares were up 1.7% at $15.41. The stock is down 4.5% so far this year. -By Ben Fox Rubin, Dow Jones Newswires; 212-416-3108; ben.rubin@dowjones.com

Stock News for Yahoo! Inc. (YHOO)
DateTimeHeadline
09/19/201416:27:36MARKET SNAPSHOT: Stocks End Week Higher; Dow At Record
09/19/201413:15:56MARKET SNAPSHOT: U.S. Stocks Retreat From Record Highs
09/19/201410:44:17MARKET SNAPSHOT: U.S. Stocks Rise; S&P 500, Dow Hit Records
09/19/201409:24:13MARKET SNAPSHOT: U.S. Stocks: Futures Higher As Fed Rate View...
09/18/201418:13:15MARKET SNAPSHOT: U.S. Stocks: Futures Gain; Jobless Claims Drop
09/16/201400:23:51MARKET SNAPSHOT: U.S. Stocks Open Lower; Yahoo Rises
09/15/201419:54:26MARKET SNAPSHOT: U.S. Stocks: Futures Flat As Investors Wait...
09/15/201409:44:04MARKET SNAPSHOT: U.S. Stocks: Futures Nudge Lower As Investors...
09/12/201416:40:35TECH STOCKS: Apple, EBay Gains Can't Blunt Other Tech Losses
09/12/201415:17:53TECH STOCKS: Tech Stocks On A Mixed Trading Path
09/11/201416:57:39TECH STOCKS: JDSU, Pandora Lead Broad Tech Gains
09/10/201416:40:43TECH STOCKS: Apple, Twitter Gains Stand Out Among Tech Stocks
09/09/201402:13:03TECH STOCKS: GoPro, Yahoo Lead Tech's Broad Advance
09/09/201402:09:40MARKET SNAPSHOT: U.S. Stocks End Mostly Lower; Yahoo Rallies
09/09/201402:03:09MARKET SNAPSHOT: U.S. Stocks Fall; S&P 500 Dips Below 2,000
09/09/201401:53:44TECH STOCKS: GoPro, Yahoo Pace Early Tech Gains
09/09/201401:49:28MARKET SNAPSHOT: U.S. Stocks Open Lower; Deals In Focus
09/09/201400:48:43MARKET SNAPSHOT: U.S. Stocks: Futures Slip; Multimedia Games...
09/08/201420:48:47U.S. Stock Futures Lower
09/05/201417:39:13TECH STOCKS: Apple, GoPro Gains Help Boost Tech Stocks

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