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Maguire Asset Management today delivered a letter to the Board of Directors of U.S. Auto Parts Network, Inc.
PRTS commenting on the Company's 90%+ drop in shareholder value since its IPO debut in 2007, most of which was realized under the leadership and direction of its current board and management team.
In the letter sent to U.S. Auto Parts, Timothy Maguire, Managing Partner of Maguire Asset Management stated, "Given the staggering loss of value shareholders have endured over the past six years, it is simply not conceivable that the current board is content with the status quo. I encourage them to take decisive action and for ALL shareholders to join me in demanding that a new sense of urgency is embraced before shareholder value is further eroded."
The full text of the letter follows:
September 24, 2013
The Board of DirectorsU.S. Auto Parts Network, Inc.16941 Keegan AvenueCarson, CA 90746
Dear Members of the Board of Directors:
We appreciate the time that Chairman Robert Majteles, Chief Executive Officer Shane Evangelist, and Chief Financial Officer
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