Jana Partners levels accusations at PetSmart

|By:, SA News Editor

Jana Partners sent a letter to the board of directors at PetSmart (PETM -0.1%) urging for a full review of all strategic alternatives including exploring sale options.

The hedge fund says it learned from shareholders that the company held a meeting for employees last week in which it suggested they "enhance" upcoming quarterly results in anticipation of a proxy battle.

Full text of Jana letter