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Investing.com -- Lakeview Investment Group, a nearly 5% owner of Quipt Home Medical Corp (NASDAQ:QIPT) criticized the company’s board for allegedly failing to engage with a credible acquisition offer and called for a transparent strategic review.
In a statement released Wednesday, Lakeview accused Quipt’s board of undermining shareholder interests by not properly engaging with Forager Capital Management, which has made multiple acquisition proposals, including a $3.10 per share offer.
The investment group highlighted Quipt’s poor stock performance, noting the company has delivered negative returns over the past one, three, and five years, with a one-year return of -6.6% compared to the S&P 500’s 16.4% gain during the same period.
Lakeview also criticized the board’s March 2025 decision to grant itself restricted stock and options amounting to approximately 7% of the company’s equity, which occurred after receiving acquisition proposals from Forager Capital Management.
"Quipt’s standalone strategy has failed to generate positive returns and has left shareholders stuck in purgatory, with a subscale Company saddled with significant public company costs, limited institutional investor interest, excluded from any major indices and no clear path towards a turnaround," Lakeview stated.
The investment group acknowledged that while Forager’s $3.10 per share offer might undervalue the company, a "full and transparent strategic review process, focused on a sale, will result in a transaction at a meaningful premium to that price."
In late August, Quipt had responded to Forager’s proposal by noting it was a reduction from an earlier $3.90 per share offer made in January 2025. The company also highlighted recent acquisitions, including a joint venture to acquire a 60% ownership interest in Hart Medical Equipment, which added unaudited revenue of $60 million and $7 million of Adjusted EBITDA.
Quipt’s board had expressed concerns about Forager’s "credibility" and "true motives," citing the reduced offer price and alleged failures to comply with securities laws and contractual obligations.
Lakeview warned that "every single member of the Board will be removed and replaced at the next annual meeting if the status quo persists."
Quipt’s stock is down 3.4% amid the news as of 12:20 pm ET.