Seeking Alpha said Fields also criticized founder and CEO Shirley Singleton for being rewarded financially for the last 12 years. He warned the company not to make any more acquisitions and said he was troubled that when Edgewater purchased Fullscope, it failed to detect embezzlement at that company until after the deal was completed. The blog says Fields completed "EDGW shareholders should ask themselves why you failed to discover this fraud during due diligence and before the acquisition closed." The blog says Fields previous letters complained directors are overpaid and the stock has dramatically underperformed. I have sent an inquiry to Edgewater today asking if there is any official comment.
INVESTOR HAMMERS EDGEWATER BOARD Featured
An investor, Ephraim Fields of Echo Lake Capital has issued a letter hammering the independent directors of Edgewater Technology. The letter was quoted at length on the blog, Seeking Alpha, which indicates that Fields has done this before. Among other things, fields says that the three independent directors of the company, which owns Dynamics reseller Fullscope, lack experience in the technology field and have been primarily associated with nonprofits. Fields' letter is quoted further as stating "Collectively you appear to lack many skills critical to a well-functioning board including accounting, capital allocation, corporate finance, M&A, and strategic planning."
