Kintera investors ask board to replace Gruber as chairman, chief executive

By Lisa Kerner

Charlotte, N.C., Jan. 39 - A group of investors led by BC Advisors, LLC sent a letter to the Kintera, Inc.'s board of directors asking it to replace current chairman and chief executive officer Harry Gruber with "a professional manager who can deliver on the enormous potential that we believe Kintera's targeted markets hold."

The group, which holds 5.8% of Kintera, Inc. common stock, or 2.4 million shares, cited Kintera's "pattern of losses, progressively dilutive financings, inaccurate guidance, and plunging credibility within the investor community," according to a schedule 13D filing with the Securities and Exchange Commission.

In particular, the letter cites Kintera's accumulated deficit of $118 million, net loss of $6.9 million in its latest quarter and a financing history that illustrates "Gruber's willingness to sell equity at progressively dilutive levels."

Kintera is a San Diego-based software developer.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.