A co-founder and former chief executive of Dye & Durham Ltd. DND-T is seeking to nominate a new board of directors at the company as part of a plan that would see it put up for sale.
Ronnie Wahi says the company is being mismanaged and he wants to reconstitute the board at the legal software company’s annual meeting.
Activist investor Engine Capital successfully pushed for a shakeup at the company last year. Engine Capital’s slate of nominees was appointed after the previous board resigned together ahead of a shareholder vote.
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Wahi says he has made repeated attempts to constructively engage with the new board, but they have been fruitless.
Dye & Durham announced a review of strategic alternatives to maximize value for shareholders earlier this year.
The company said at the time that the review may include a sale of the company, asset sales, recapitalizations or potential mergers.