Jana Partners suggests PRG-Schultz International should review strategic alternatives

By Jennifer Chiou

New York, July 17 - PRG-Schultz International, Inc. investors led by Jana Partners LLC determined that the issuer should conduct a review of strategic alternatives in an effort to increase shareholder value, according to an SC 13D filing with the Securities and Exchange Commission.

In the filing, Jana reported an ownership of 2,311,669 shares, or a 10.5% stake in the company.

Jana said that when it initially acquired the shares for investment in the ordinary course of business, it believed they were undervalued and represented an attractive investment opportunity. The investor, however, suggested a review "in light of the continued underperformance."

PRG-Schultz International is an Atlanta-based company involved in recovery auditing and profit improvement.

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