Findell Capital Management has issued a public letter to Figma Inc. (NYSE: FIG) calling for cost reductions and a board governance review following concerns about the company's relationship with Anthropic.

The investment firm, which owns shares in Figma, outlined three recommendations for the design software company. Findell suggested Figma streamline its product portfolio to focus on Design, Dev Mode, FigJam, and Make while discontinuing other offerings. The firm also recommended reducing research and development spending, which analysts estimate will exceed 30% of revenues in 2026.

Findell highlighted compensation concerns, noting that analyst estimates project Figma will spend approximately $375 million or 27% of revenues on stock-based compensation in 2026, compared to Adobe's 8% in its most recent quarter.

The letter raised governance issues regarding board member relationships with Anthropic. Findell noted that Mr. Krieger, Anthropic's Chief Product Officer, resigned from Figma's board on April 14, 2026, and Anthropic launched Claude Design, a competing product, on April 17, 2026. The firm stated that two remaining board members are material investors in Anthropic.

"We believe the Board should conduct an independent investigation to evaluate whether Anthropic benefitted from any improper use of Figma's confidential information," Findell wrote in the letter signed by Brian Finn.

The investment firm described Figma as "significantly undervalued" and suggested board membership changes may be appropriate given potential conflicts of interest. Findell stated it believes Figma has a competitive moat that investors will recognize over time.