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Herbalife Ltd. (HLF) And AcelRx Pharmaceuticals, Inc. (ACRX) Activist Update

|Includes: ACRX, Herbalife Ltd. (HLF)

When a person or group of persons acquires beneficial ownership of more than 5% of a company’s equity securities, they are required to file a Schedule 13D or 13G with the SEC. If these groups intend to influence management into changing the business strategy, they are considered "activist" investors. There is considerable academic research that suggest activist investors contribute to excess returns in equities in the subsequent twelve months after the event.

Icahn Carl C has filed an SC 13D/A form with the Securities and Exchange Commission (SEC) disclosing ownership of 35,227,904 shares of Herbalife Ltd. (NYSE:HLF). This represents 21.34 percent ownership of the company. Herbalife Ltd. has declared a standard industrial code (sic) of 5122 which is the "Drugs, Drug Proprietaries, and Druggists' Sundries" industry.

Industry Ventures Secondary Viii, L.p. has filed an SC 13G form with the Securities and Exchange Commission (SEC) disclosing ownership of 3,746,817 shares of AcelRx Pharmaceuticals, Inc.(NASDAQ:ACRX). This represents 7.3 percent ownership of the company. AcelRx Pharmaceuticals, Inc. has declared a standard industrial code (sic) of 2834 which is the "Pharmaceutical Preparations" industry.

Investors that acquire 10% or more of a company's shares, or that gain a board seat, are considered insiders by the SEC and are subject to stricter insider trading filing requirements.

New Activist Investor Filings

Investors that acquire more than 5% of the shares of a company and intend to influence management are considered activist investors and must file a 13D.

Kiniksa Pharmaceuticals, Ltd. Class A (NASDAQ:KNSA) - Baker Brothers Advisors LP has filed a new SC 13D, reporting a 20.40% ownership stake in Kiniksa Pharmaceuticals, Class A.

Amended Activist Investor Filings

Applied Genetic Technologies Corp (NASDAQ:AGTC) - Alta Partners VIII, L.P. has filed an amended Schedule 13D/A, reporting a 0.30% ownership stake in Applied Genetic Technologies. This is a decrease of 95.65% from their previous filing.

Melinta Therapeutics, Inc. (NASDAQ:MLNT) - Vatera Holdings Llc has filed an amended Schedule 13D/A, reporting a 29.70% ownership stake in Melinta Therapeutics.

Agilysys, Inc. (NASDAQ:AGYS) - Paloma Partners Management Co has filed an amended Schedule 13D/A, reporting a 5.51% ownership stake in Agilysys. This is a decrease of 16.26% from their previous filing.

CaesarStone Sdot-Yam Ltd. (NASDAQ:CSTE) - Tene Growth Capital Iii (g.p.) Co Ltd. has filed an amended Schedule 13D/A, reporting a 39.40% ownership stake in CaesarStone Sdot-Yam. This is an increase of 2.60% from their previous filing.

Legg Mason, Inc. (NYSE:LM) - Gamco Investors, Inc. Et Al has filed an amended Schedule 13D/A, reporting a 2.55% ownership stake in Legg Mason.

Finish Line, Inc. (THE) (NASDAQ:FINL) - Sports Direct International plc has filed an amended Schedule 13D/A, reporting a 11.20% ownership stake in Finish Line. This is a decrease of 20.00% from their previous filing.

Herbalife Ltd. (NYSE:HLF) - Icahn Carl C has filed an amended Schedule 13D/A, reporting a 21.34% ownership stake in Herbalife.

American Assets Trust Inc (NYSE:AAT) - American Assets Trust, Inc. has filed an amended Schedule 13D/A, reporting a 38.20% ownership stake in American Assets Trust. This is an increase of 2.14% from their previous filing.

PRGX Global, Inc. (NASDAQ:PRGX) - Northern Right Capital Management, L.P. has filed an amended Schedule 13D/A, reporting a 8.10% ownership stake in PRGX Global. This is an increase of 17.39% from their previous filing.

Floor & Decor Holdings, Inc. (NYSE:FND) - Ares Corporate Opportunities Fund Iii Lp has filed an amended Schedule 13D/A, reporting a 52.00% ownership stake in Floor & Decor Holdings.

Floor & Decor Holdings, Inc. (NYSE:FND) - FS Capital Partners VI, LLC has filed an amended Schedule 13D/A, reporting a 52.00% ownership stake in Floor & Decor Holdings.

New Passive Investor Filings

Investors that acquire more than 5% of the shares of a company but have no intention of influencing management are considered passive investors and must file a 13G.

Fibrocell Science Inc. (NASDAQ:FCSC) - Sabby Management, LLC has filed a new SC 13G, reporting a 8.81% ownership stake in Fibrocell Science.

PagSeguro Digital Ltd. (NYSE:PAGS) - Melvin Capital Management LP has filed a new SC 13G, reporting a 6.03% ownership stake in PagSeguro Digital.

Kiniksa Pharmaceuticals, Ltd. Class A (NASDAQ:KNSA) - Flynn James E has filed a new SC 13G, reporting a 8.32% ownership stake in Kiniksa Pharmaceuticals, Class A.

Pluralsight, Inc. (NASDAQ:PS) - Iconiq Strategic Partners, L.p. has filed a new SC 13G, reporting a 13.30% ownership stake in Pluralsight.

AcelRx Pharmaceuticals, Inc. (NASDAQ:ACRX) - Industry Ventures Secondary Viii, L.p. has filed a new SC 13G, reporting a 7.30% ownership stake in AcelRx Pharmaceuticals.

AcelRx Pharmaceuticals, Inc. (NASDAQ:ACRX) - Leerink Revelation Healthcare Fund I, L.p. has filed a new SC 13G, reporting a 7.30% ownership stake in AcelRx Pharmaceuticals.

Amended Passive Investor Filings

Zai Lab Limited (NASDAQ:ZLAB) - Du Ying has filed an amended Schedule 13D/A, reporting a 17.42% ownership stake in Zai Lab. This is an increase of 1.87% from their previous filing.

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Disclosure: I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.