Foglamp Capital Is Latest Shareholder To Urge Gigamon To Conduct Strategic Review

A day after hedge fund Elliott Management disclosed a 15.3% stake in networking hardware company Gigamon Inc. , another shareholder has come forward urging the company to conduct a strategic review of its operations. Foglamp Capital said it believes Gigamon is "significantly undervalued," and urged it to take measures to unlock value. Foglamp says it first bought shares in January, after the company said it would miss fourth-quarter guidance. "Foglamp has since built a significant position in the stock, and as of May 5, 2017, GIMO stock comprised 14.9% of Foglamp Fund, LP's unaudited NAV," it said in a statement. Foglamp said talks with customers in a wide range of sectors had convinced it that Gigamon has a strong reputation for its technology, which is deeply integrated into the network systems of big companies. But its existing structure is impeding shareholder returns. It urged the company to improve corporate governance and make other changes. Gigamon shares rose 1.2% premarket, but are down 9.6% in 2017, while the S&P 500 has gained 7%.