The parent of a Colorado dental group and a group of activist shareholders are in a fight.
Six days ago, Denver-based Birner Dental Management Services Inc. (OTC bulletin board: BDMS), parent of Perfect Teeth dental practices, reported a larger fiscal year loss and blamed activist shareholders for the yearly financial woes. On Tuesday, activist shareholders fired back, saying Birner Dental's board needs to be doubled in size because of a "a destruction of shareholder value."
On March 30, Birner Dental reported 2016 revenues fell more than 3 percent, and reported a fiscal year loss of $1.4 million, or a loss of 74 cents per share.
It blamed the activist shareholders for the performance: "The company believes that revenue in the second, third and fourth quarters of 2016 was adversely affected by employee distractions caused by matters related to an activist shareholder group that began making a series of public disclosures and other statements critical of the company."
Read more at the Denver Business Journal: http://bit.ly/2nKbkB7