Fresh off a major victory with Spark Networks, owner of JDate and Christian Mingle, among other dating sites, the activist hedge fund Osmium Partners has turned its focus to a new potential target: Rosetta Stone.
In a 13D filing Thursday, the Greenbrae, Calif.,-based hedge fund announced it had increased its stake in the language learning company to 10%, up from the 8.8% stake it took in February. If Osmium does intend to wage a proxy battle, Rosetta Stone should be at least a little scared — just last month it gained control of Spark’s board, earning 4 seats and later forcing the ouster of its CEO Greg Liberman.
Osmium would not return a request for comment.
Rosetta Stone’s stock has been struggling in recent months, and especially so since Osmium announced its initial stake earlier this year. It began 2014 trading around $12.33 per share, and is currently down to around $8.70 per share, a nearly 30% drop. The company, which offers language learning audio and visual products, is well known for its heavy rotation of commercials on basic cable and radio. Saturday Night Live spoofed a Rosetta Stone commercial in a controversial sketch in early 2013.
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