Activist investor J. Carlo Cannell, who criticized Build-A-Bear Workshop's board two months ago, has reduced his stake in the stuffed-animal retailer.
Cannell notified the Securities and Exchange Commission on Wednesday that he has lowered his stake to 4.30 percent from 5.66 percent. His Alta, Wyo., investment firm, Cannell Capital, sold 205,188 shares this month for between $5.18 and $5.53 a share.
In a March SEC filing, Cannell criticized the board's "lack of alignment" with shareholders. He said he reserved the right to nominate new directors and to pursue "strategic initiatives to enhance shareholder value."
Another investor, David Kanen of Coral Springs, Fla., also has made noises about shaking up Build-A-Bear's board. Kanen owns 9.3 percent of the Overland-based company.