SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 13D/A

Under the Securities Exchange Act of 1934

(Amendment No. 5)*

Leaf Group Ltd.

(Name of Issuer)

Common Stock, par value $0.0001 par value

(Title of Class of Securities)

52177G 102

(CUSIP Number)

Carolina Picazo

Spectrum Equity

One International Place

35th Floor

Boston, Massachusetts 02110

(617) 464-4600

(Name, Address and Telephone Number of Person

Authorized to Receive Notices and Communications)

July 27, 2020

(Date of Event Which Requires Filing of this Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box. ☐

 

 

Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See Section 240.13d-7 for other parties to whom copies are to be sent.

 

 

*

The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.

The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934, as amended (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

 

 

 


CUSIP No. 52177G 102  

 

  1.   

Names of Reporting Persons.

 

Spectrum Equity Investors V, L.P.

  2.  

Check the Appropriate Box if a Member of a Group (See Instructions)

(a)      ☐

(b)      ☒

 

  3.  

SEC Use Only

 

  4.  

Source of Funds (See Instructions)

 

WC

  5.  

Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e) ☐

 

  6.  

Citizenship or Place of Organization

 

Delaware

Number of

Shares

Beneficially

Owned By

Each

Reporting

Person

With

 

     7.    

Sole Voting Power

 

0

     8.   

Shared Voting Power

 

2,756,688

     9.   

Sole Dispositive Power

 

0

   10.   

Shared Dispositive Power

 

2,756,688

11.  

Aggregate Amount Beneficially Owned by Each Reporting Person

 

2,756,688

12.  

Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions) ☐

 

13.  

Percent of Class Represented by Amount in Row (11)

 

10.3%

14.  

Type of Reporting Person (See Instructions)

 

PN


CUSIP No. 52177G 102  

 

  1.   

Names of Reporting Persons.

 

Spectrum Equity Associates V, L.P.

  2.  

Check the Appropriate Box if a Member of a Group (See Instructions)

(a)      ☐

(b)      ☒

 

  3.  

SEC Use Only

 

  4.  

Source of Funds (See Instructions)

 

AF

  5.  

Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e) ☐

 

  6.  

Citizenship or Place of Organization

 

Delaware

Number of

Shares

Beneficially

Owned By

Each

Reporting

Person

With

 

     7.    

Sole Voting Power

 

0

     8.   

Shared Voting Power

 

2,756,688

     9.   

Sole Dispositive Power

 

0

   10.   

Shared Dispositive Power

 

2,756,688

11.  

Aggregate Amount Beneficially Owned by Each Reporting Person

 

2,756,688

12.  

Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions) ☐

 

13.  

Percent of Class Represented by Amount in Row (11)

 

10.3%

14.  

Type of Reporting Person (See Instructions)

 

PN


CUSIP No. 52177G 102  

 

  1.   

Names of Reporting Persons.

 

SEA V Management, LLC

  2.  

Check the Appropriate Box if a Member of a Group (See Instructions)

(a)      ☐

(b)      ☒

 

  3.  

SEC Use Only

 

  4.  

Source of Funds (See Instructions)

 

AF

  5.  

Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e) ☐

 

  6.  

Citizenship or Place of Organization

 

Delaware

Number of

Shares

Beneficially

Owned By

Each

Reporting

Person

With

 

     7.    

Sole Voting Power

 

0

     8.   

Shared Voting Power

 

2,770,540

     9.   

Sole Dispositive Power

 

0

   10.   

Shared Dispositive Power

 

2,770,540

11.  

Aggregate Amount Beneficially Owned by Each Reporting Person

 

2,770,540

12.  

Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions) ☐

 

13.  

Percent of Class Represented by Amount in Row (11)

 

10.4%

14.  

Type of Reporting Person (See Instructions)

 

OO


CUSIP No. 52177G 102  

 

  1.   

Names of Reporting Persons.

 

Spectrum V Investment Managers’ Fund, L.P.

  2.  

Check the Appropriate Box if a Member of a Group (See Instructions)

(a)      ☐

(b)      ☒

 

  3.  

SEC Use Only

 

  4.  

Source of Funds (See Instructions)

 

WC

  5.  

Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e) ☐

 

  6.  

Citizenship or Place of Organization

 

Delaware

Number of

Shares

Beneficially

Owned By

Each

Reporting

Person

With

 

     7.    

Sole Voting Power

 

0

     8.   

Shared Voting Power

 

13,852

     9.   

Sole Dispositive Power

 

0

   10.   

Shared Dispositive Power

 

13,852

11.  

Aggregate Amount Beneficially Owned by Each Reporting Person

 

13,852

12.  

Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions) ☐

 

13.  

Percent of Class Represented by Amount in Row (11)

 

0.1%

14.  

Type of Reporting Person (See Instructions)

 

PN


CUSIP No. 52177G 102  

 

  1.   

Names of Reporting Persons.

 

Brion B. Applegate

  2.  

Check the Appropriate Box if a Member of a Group (See Instructions)

(a)      ☐

(b)      ☒

 

  3.  

SEC Use Only

 

  4.  

Source of Funds (See Instructions)

 

AF

  5.  

Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e) ☐

 

  6.  

Citizenship or Place of Organization

 

United States of America

Number of

Shares

Beneficially

Owned By

Each

Reporting

Person

With

 

     7.    

Sole Voting Power

 

0

     8.   

Shared Voting Power

 

2,770,540

     9.   

Sole Dispositive Power

 

0

   10.   

Shared Dispositive Power

 

2,770,540

11.  

Aggregate Amount Beneficially Owned by Each Reporting Person

 

2,770,540

12.  

Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions) ☐

 

13.  

Percent of Class Represented by Amount in Row (11)

 

10.4%

14.  

Type of Reporting Person (See Instructions)

 

IN


CUSIP No. 52177G 102  

 

  1.   

Names of Reporting Persons.

 

Christopher T. Mitchell

  2.  

Check the Appropriate Box if a Member of a Group (See Instructions)

(a)      ☐

(b)      ☒

 

  3.  

SEC Use Only

 

  4.  

Source of Funds (See Instructions)

 

AF

  5.  

Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e) ☐

 

  6.  

Citizenship or Place of Organization

 

United States of Amercia

Number of

Shares

Beneficially

Owned By

Each

Reporting

Person

With

 

     7.    

Sole Voting Power

 

0

     8.   

Shared Voting Power

 

2,770,540

     9.   

Sole Dispositive Power

 

0

   10.   

Shared Dispositive Power

 

2,770,540

11.  

Aggregate Amount Beneficially Owned by Each Reporting Person

 

2,770,540

12.  

Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions) ☐

 

13.  

Percent of Class Represented by Amount in Row (11)

 

10.4%

14.  

Type of Reporting Person (See Instructions)

 

IN


CUSIP No. 52177G 102  

 

  1.   

Names of Reporting Persons.

 

Victor E. Parker, Jr.

  2.  

Check the Appropriate Box if a Member of a Group (See Instructions)

(a)      ☐

(b)      ☒

 

  3.  

SEC Use Only

 

  4.  

Source of Funds (See Instructions)

 

AF

  5.  

Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e) ☐

 

  6.  

Citizenship or Place of Organization

 

United States of America

Number of

Shares

Beneficially

Owned By

Each

Reporting

Person

With

 

     7.    

Sole Voting Power

 

0

     8.   

Shared Voting Power

 

2,770,540

     9.   

Sole Dispositive Power

 

0

   10.   

Shared Dispositive Power

 

2,770,540

11.  

Aggregate Amount Beneficially Owned by Each Reporting Person

 

2,770,540

12.  

Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions) ☐

 

13.  

Percent of Class Represented by Amount in Row (11)

 

10.4%

14.  

Type of Reporting Person (See Instructions)

 

IN


Explanatory Note

This Amendment No. 5 (this “Amendment”) amends and supplements the Schedule 13D filed with the Securities and Exchange Commission on June 22, 2020, as amended on June 29, 2020, July 10, 2020, July 13, 2020 and July 16, 2020, by the Reporting Persons (as amended from time to time, the “Schedule 13D”), relating to their beneficial ownership in Leaf Group Ltd. (the “Issuer”). Except to the extent set forth in this Amendment, all material information disclosed in the Schedule 13D remains unchanged. Capitalized terms used but not defined in this Amendment have the respective meanings set forth in the Schedule 13D.

Item 4. Purpose of Transaction

Item 4 of the Schedule 13D is hereby amended and supplemented to add the following:

On July 27, 2020, the Investors issued a press release and letter to the Board detailing the case for terminating the Issuer’s Chief Executive Officer, Sean Moriarty, and launching a new, robust strategic review process. A copy of the press release and the letter is attached hereto as Exhibit 7.

Item 7. Material to be Filed as Exhibits

Item 7 of the Schedule 13D is hereby amended and supplemented to add the following:

 

Exhibit 7    Press Release and Letter to Board of Directors, dated July 27, 2020


SIGNATURES

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Dated: July 27, 2020

 

Spectrum Equity Investors V, L.P.
By:  

Spectrum Equity Associates V, L.P.

its general partner

  By:   SEA V Management, LLC its general partner
  By:   /s/ Carolina Picazo
    Carolina Picazo
    Authorized Signatory

 

Spectrum Equity Associates V, L.P.
By:   SEA V Management, LLC its general partner
  By:   /s/ Carolina Picazo
    Carolina Picazo
    Authorized Signatory

 

SEA V Management, LLC
By:   /s/ Carolina Picazo
  Carolina Picazo
  Authorized Signatory

 

Spectrum V Investment Managers’ Fund, L.P.
By:   SEA V Management, LLC its general partner
  By:   /s/ Carolina Picazo
    Carolina Picazo
    Authorized Signatory

 

*
Brion B. Applegate

 

*
Christopher T. Mitchell

 

*
Victor E. Parker, Jr.


*By:   /s/ Carolina Picazo
  Carolina Picazo
  As attorney-in-fact

This Schedule 13D was executed by Carolina Picazo on behalf of the individuals listed above pursuant to a Power of Attorney, a copy of which is attached as Exhibit 2.


EXHIBIT INDEX

Exhibit 1    Joint Filing Agreement

Exhibit 2    Power of Attorney

Exhibit 3    Press Release and Letter to Board of Directors, dated June 29, 2020

Exhibit 4    Press Release and Letter to Board of Directors, dated July 10, 2020

Exhibit 5    Press Release and Letter to Board of Directors, dated July 13, 2020

Exhibit 6    Press Release, dated July 16, 2020

Exhibit 7    Press Release and Letter to Board of Directors, dated July 27, 2020

Leaf (NYSE:LEAF)
Historical Stock Chart
From Feb 2024 to Mar 2024 Click Here for more Leaf Charts.
Leaf (NYSE:LEAF)
Historical Stock Chart
From Mar 2023 to Mar 2024 Click Here for more Leaf Charts.