WASHINGTON (dpa-AFX) - Wednesday, The D. E. Shaw group, a global investment and technology development firm, sent an open letter and presentation to the Board of Directors of CoStar Group, Inc. (CSGP) regarding the Board's refusal to address the company's reckless spending of shareholder capital and significant and longstanding underperformance.
The firm called for an urgent need to focus on CoStar's core businesses would help to accelerate organic growth, drive overall margin expansion, restore investor confidence, and enable the company to reclaim its historical valuation premium.
Moreover, it demanded for substantial change to capital allocation, executive leadership, and Board composition to address the root cause of CoStar's persistent underperformance and restore investor confidence.
Currently, CSGP is trading at $51.92, up 0.54 percent on the Nasdaq.
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