Elliott Associates Files 13D on LifeLock (LOCK) Showing New 8.8% Stake

(Updated - June 16, 2016 4:18 PM EDT)

Elliott Associates files 13D on LifeLock (NYSE: LOCK). In the filing the hedge fund showed a 8.8% stake.

Collectively, Elliott, Elliott International and EICA beneficially own 7,150,000 shares of Common Stock, constituting approximately 7.6% of the shares of Common Stock outstanding. Collectively, Elliott, Elliott International and EICA have economic exposure comparable to approximately 1.2% of the shares of Common Stock outstanding pursuant to the Derivative Agreements,

From the Filing:

Item 4. Purpose of Transaction.

The Reporting Persons believe the securities of the Issuer are undervalued and have initiated a dialogue with the Issuer's Management and Board of Directors (the "Board") on opportunities to enhance shareholder value. The Reporting Persons believe there is material upside from the Issuer's share price level on May 20, 2016 of $12.19 per share, which was the day prior to the Reporting Persons' commencement of significant purchases of shares and the subsequent share price outperformance of the Issuer's Common Stock.

Depending upon overall market conditions, other investment opportunities available to the Reporting Persons, and the availability of securities of the Issuer at prices that would make the purchase or sale of such securities desirable, the Reporting Persons may endeavor (i) to increase or decrease their respective positions in the Issuer through, among other things, the purchase or sale of securities of the Issuer on the open market or in private transactions, including through a trading plan created under Rule 10b5-1(c) or otherwise, on such terms and at such times as the Reporting Persons may deem advisable and/or (ii) to enter into transactions that increase or hedge their economic exposure to the Common Stock without affecting their beneficial ownership of shares of Common Stock.

No Reporting Person has any present plan or proposal which would relate to or result in any of the matters set forth in subparagraphs (a) - (j) of Item 4 of Schedule 13D except as set forth herein or such as would occur upon or in connection with completion of, or following, any of the actions discussed herein. The Reporting Persons may take positions and/or make proposals with respect to, or with respect to potential changes in, the operations, management, the certificate of incorporation and bylaws, Board composition, ownership, capital or corporate structure, dividend policy, potential acquisitions or sales involving the Issuer or certain of the Issuer's businesses or assets including advocating for a sales process, including a transaction in which the Reporting Persons may participate, strategy and plans of the Issuer as a means of enhancing shareholder value, or may change their intention with respect to any and all matters referred to in Item 4. The Reporting Persons intend to review their investment in the Issuer on a continuing basis and may from time to time in the future express their views to and/or meet with management, the Board, other shareholders or third parties, including, potential acquirers, service providers and financing sources, and/or formulate plans or proposals regarding the Issuer, its assets or its securities. Such proposals or positions may include one or more plans that relate to or would result in any of the actions set forth in subparagraphs (a) - (j) of Item 4 of Schedule 13D.

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