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NEW YORK - Findell Capital Management LLC, a major shareholder of Oportun Financial Corporation (NASDAQ:OPRT), has publicly called on fellow stockholders to vote for significant changes to the company’s board of directors. The campaign comes as Oportun’s stock has shown strong momentum, with an 80.75% return over the past year and a 62.11% gain year-to-date, according to InvestingPro data. In an open letter released Today, Findell urged stockholders to support the election of its candidate, Warren Wilcox, to the board, citing his extensive experience in financial services and potential to bring new value-enhancing ideas.
The investment firm is also advocating for the reelection of Carlos Minetti, commending his independence and experience as vital for the company’s success. Conversely, Findell is campaigning against the continued board service of Oportun’s CEO, Raul Vazquez, arguing that his removal is necessary for effective oversight and to consider potential replacements. This push for change comes as InvestingPro analysis shows the company is expected to return to profitability this year, despite posting losses in the last twelve months.
Findell emphasizes the urgency of this action, noting the company’s "classified" board structure, which could prevent Vazquez from appearing on the ballot again until 2028 or later. The firm believes that the upcoming Annual Meeting presents a critical opportunity for shareholders to initiate a turnaround by altering the composition of the board.
Shareholders who have previously voted for Vazquez are informed that they can change their vote by submitting a later-dated vote on the WHITE proxy card provided by Findell, as only the latest dated vote will be counted.
The campaign is a part of Findell’s strategy to mitigate what it describes as Vazquez’s value-destructive influence at Oportun. The firm has set up a website, www.OpportunityAtOportun.com, to provide information on how to vote.
This call to action is based on a press release statement issued by Findell Capital Management. The investment firm holds a significant stake in Oportun Financial Corporation, currently valued at $290 million by market capitalization, and is actively seeking to influence the company’s strategic direction through changes to its board. For deeper insights into Oportun’s financial health and growth prospects, investors can access comprehensive analysis and additional ProTips through InvestingPro’s detailed research reports.
In other recent news, Oportun Financial Corporation reported a strong performance for the first quarter of 2025, exceeding earnings expectations with an EPS of $0.40, significantly above the forecasted $0.05. The company also outperformed revenue projections, reaching $235.9 million compared to the anticipated $228.66 million. Oportun highlighted a nearly 40% year-over-year increase in aggregate originations for Q1 2025 and a 15% reduction in operating expenses. Furthermore, the company is guiding an adjusted EPS of $1.10 to $1.30 for 2025, projecting substantial growth over the previous year. Analysts from JMP maintained a Market Perform rating on Oportun Financial, citing the company’s strategic focus on core lending products and cost reduction efforts. Oportun’s management has also emphasized its strategic shift towards profitability and predictability, with a focus on secured personal loans, which grew by 59% year-over-year. The company’s Board is urging stockholders to support its nominees and proposed governance amendments at the upcoming Annual Meeting. These developments underscore Oportun’s commitment to operational efficiency and strategic growth amid ongoing macroeconomic uncertainties.
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