Immersion investor offers to be shareholders' eyes and ears on board

By Lisa Kerner

Charlotte, N.C., Dec. 2 - Immersion Corp. shareholder Ramius LLC offered to voluntarily join the company's board of directors as a shareholder representative.

Ramius' Peter A. Feld made the offer in a letter to Immersion interim chief executive officer Victor A. Viegas on Wednesday.

The shareholder, with an approximately 15% stake in Immersion, also questioned the company's announcement on Monday that it will change its nomination deadline and reduce its board to six members from seven.

Feld that said while the past year has been challenging for Immersion and its shareholders, Ramius believes that "with the right leadership and focus, Immersion will play a leading role in the emerging haptics [touch interface] market."

During 2009, Immersion has been faced with a still unresolved internal accounting investigation and the resignation of both its chief financial officer and CEO, the letter said.

According to Feld, Immersion' board is lacking shareholder representatives with a vested interest in the company's financial performance and representatives with a strong background in operations, technology licensing and intellectual property litigation.

In closing, Feld said Ramius, the company's largest shareholder, has no intention of acquiring or controlling Immersion.

"We are merely looking to be the eyes, ears, and voice of shareholders in the Immersion boardroom," Feld said in the letter.

San Jose, Calif.-based Immersion develops, licenses and markets digital touch technology and products.

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