In a 13D filing on P.H. Glatfelter Company (NYSE: GLT) this morning, Pirate Capital disclosed a 5.7% stake (2.55 million shares) in the company. This is up from the 1.6 million share stake the firm disclosed in a quarterly filing with regulators.
Pirate said they intend to review their investment on a continuing basis and may engage in discussions with management, the Board of Directors, other shareholders of the company and other relevant parties concerning the business, operations, board composition, management, strategy and future plans.
Glatfelter is a global manufacturer of specialty papers and engineered products.
Pirate Capital, one of the most well-known activist hedge funds, recently came under SEC scrutiny for failing to promptly disclose changes in material holdings, including OSI Restaurant (NYSE: OSI) and FreightCar America (Nasdaq: RAIL) - positions the hedge fund closed out.