Investors including Houston Harte, former vice chairman of Harte-Hanks Inc. and a son of one of the company's founders, raised concerns regarding the company's "continuing poor performance" and the resulting decline in its stock price.
The reporting persons argued that instead of focusing on developing a strategy that would help the company improve its operational and financial performance and reverse the continuing stock price decline, the board and management have chosen to pursue "questionable" transactions that have resulted in further loss of shareholder value.
Also, the group urged the company to take steps to improve operational and financial performance, according to a Schedule 13D filed Feb. 14. The reporting persons also intend to hold talks with other shareholders and various third parties regarding the issue.
The reporting persons also include Sarah Harte, Carolyn Harte, Larry Franklin, former chairman, president and CEO, and the Franklin Family Foundation.