STARBOARD DELIVERS OPEN LETTER TO LIVEPERSON STOCKHOLDERS
Expresses Serious Concerns About LivePerson's Deteriorating Financial and Stock Price Performance and the Severe Lack of Competent Leadership Under CEO Robert LoCascio
Believes that the Legacy Directors' Continued Lack of Oversight and Inexplicable Allegiance to CEO LoCascio Demonstrates that More Change Is Needed
Believes LivePerson Needs New Leadership to Oversee a Turnaround of the Business
Nominates Slate of Highly Qualified Director Candidates for Election at LivePerson's 2023 Annual Meeting
NEW YORK, May 5, 2023 /PRNewswire/ -- Starboard Value LP (together with its affiliates, "Starboard"), a significant stockholder of LivePerson, Inc. ("LivePerson" or the "Company") (NASDAQ: LPSN), today announced that it has delivered an open letter to LivePerson stockholders.
The full text of the letter to the Company's stockholders can be viewed at the following link:
About Starboard Value LP
Starboard Value LP is a New York-based investment adviser with a focused and differentiated fundamental approach to investing primarily in publicly traded U.S. companies. Starboard invests in deeply undervalued companies and actively engages with management teams and boards of directors to identify and execute on opportunities to unlock value for the benefit of all shareholders.
CERTAIN INFORMATION CONCERNING THE PARTICIPANTS
Starboard Value LP, together with the other participants named herein (collectively, "Starboard"), intends to file a preliminary proxy statement and accompanying WHITE universal proxy card with the Securities and Exchange Commission ("SEC") to be used to solicit votes for the election of its slate of highly-qualified director nominees at the 2023 annual meeting of stockholders of LivePerson, Inc., a Delaware corporation (the "Company").
STARBOARD STRONGLY ADVISES ALL STOCKHOLDERS OF THE COMPANY TO READ THE PROXY STATEMENT AND OTHER PROXY MATERIALS AS THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. SUCH PROXY MATERIALS WILL BE AVAILABLE AT NO CHARGE ON THE SEC'S WEB SITE AT HTTP://WWW.SEC.GOV. IN ADDITION, THE PARTICIPANTS IN THIS PROXY SOLICITATION WILL PROVIDE COPIES OF THE PROXY STATEMENT WITHOUT CHARGE, WHEN AVAILABLE, UPON REQUEST. REQUESTS FOR COPIES SHOULD BE DIRECTED TO THE PARTICIPANTS' PROXY SOLICITOR.
The participants in the proxy solicitation are anticipated to be Starboard Value and Opportunity Master Fund Ltd ("Starboard V&O Fund"), Starboard Value and Opportunity S LLC ("Starboard S LLC"), Starboard Value and Opportunity C LP ("Starboard C LP"), Starboard R Value R LP ("Starboard R LP") , Starboard Value and Opportunity Master Fund L LP ("Starboard L Master"), Starboard Value L LP ("Starboard L GP"), Starboard Value R GP LLC ("Starboard R GP"), Starboard X Master Fund Ltd ("Starboard X Master"), Starboard Value LP, Starboard Value GP LLC ("Starboard Value GP"), Starboard Principal Co LP ("Principal Co"), Starboard Principal Co GP LLC ("Principal GP"), Jeffrey C. Smith, Peter A. Feld, Scott C. Taylor and Kenneth H. Traub.
As of the close of business on May 4, 2023, Starboard V&O Fund beneficially owned directly 1,380,887 shares of Common Stock, par value $0.001 per share, of the Company (the "Common Stock"). As of the close of business on May 4, 2023, Starboard S LLC directly owned 198,560 shares of Common Stock. As of the close of business on May 4, 2023, Starboard C LP directly owned 122,720 shares of Common Stock. Starboard R LP, as the general partner of Starboard C LP may be deemed the beneficial owner of an aggregate of 122,720 shares of Common Stock owned by Starboard C LP. As of the close of business on May 4, 2023, Starboard L Master directly owned 85,268 shares of Common Stock. Starboard L GP, as the general partner of Starboard L Master, may be deemed the beneficial owner of the 85,268 shares of Common Stock owned by Starboard L Master. Starboard R GP, as the general partner of Starboard R LP and Starboard L GP, may be deemed the beneficial owner of an aggregate of 207,988 shares of Common Stock owned by Starboard C LP and Starboard L Master. As of the close of business on May 4, 2023, Starboard X Master directly owned 318,503 shares of Common Stock. As of the close of business on May 4, 2023, 254,062 of Common Stock were held in an account managed by Starboard Value LP (the "Starboard Value LP Account"). Starboard Value LP, as the investment manager of each of Starboard V&O Fund, Starboard C LP, Starboard L Master, Starboard X Master and the Starboard Value LP Account and the manager of Starboard S LLC, may be deemed the beneficial owner of an aggregate of 2,360,000 shares of Common Stock directly owned by Starboard V&O Fund, Starboard S LLC, Starboard C LP, Starboard L Master, Starboard X Master and held in the Starboard Value LP Account. Each of Starboard Value GP, as the general partner of Starboard Value LP, Principal Co, as a member of Starboard Value GP, Principal GP, as the general partner of Principal Co, and Messrs. Smith and Feld, as members of Principal GP and as members of each of the Management Committee of Starboard Value GP and the Management Committee of Principal GP, may be deemed the beneficial owner of 2,360,000 shares of Common Stock directly owned by Starboard V&O Fund, Starboard S LLC, Starboard C LP, Starboard L Master, Starboard X Master and held in the Starboard Value LP Account. As of the close of business on May 4, 2023, Mr. Traub directly beneficially owned 8,000 shares of Common Stock. As of the close of business on May 4, 2023, Mr. Taylor did not own any shares of Common Stock.
Investor contacts:
Peter Feld, (212) 201-4878
Ajay Sundar, (212) 845-7924
www.starboardvalue.com
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SOURCE Starboard Value LP
