Lulu's Fashion Lounge (LVLU) shares rose 4% in recent Friday trading after a regulatory filing revealed that Friedland Enterprises founder Christian Friedland purchased 137,447 or 5% outstanding common shares for $730,000.
Friedland believes that company shares are significantly undervalued relative to operational enhancements and intrinsic value due to governance deficiencies and a lack of investor communications, according to the filing.
Friedland plans constructive engagement with leadership to lower authorized shares to avoid dilution risk, reshuffle the board and leadership, restructure their compensations, as well as introduce quarterly investor presentations and establish a special committee to assess strategic alternatives, per the filing.
Lulu's Fashion Lounge did not immediately respond to a request for comment from MT Newswires.
Price: 6.39, Change: +0.09, Percent Change: +1.48