Gretchen Morgenson is finally finished with Pfizer, it seems. This week she’s aimed her laser pointer at Career Education Corporation, whose shareholders will meet May 18. Once again, she's telling us the poor shareholders need more voice.
The company has had “legal and regulatory problems” lately which have cut its stock price in half. But last month analysts started recommending the stock, saying that the company was making progress cleaning up its act. But first quarter results released Wednesday were disappointing, and the stock fell again. So a shareholder, Steve Bostic, has been agitating for change. He's gotten shareholder approval of proposals to eliminate the staggered board and poison pill and to allow the shareholders to call a special meeting, and gotten the shareholders to express dissatisfaction with three directors now up for election.
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