Word: hmc
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...dispute stems from a letter HMC sent on Jan. 16 recommending shareholders take the “extraordinary action” of terminating Templeton Asset Management as the manager of one of two Templeton funds in which Harvard holds a combined $115 million...
...HMC said the China World Fund and the Dragon Fund are trading at excessively low prices and that Templeton is not doing enough to raise the fund’s value, which have gained 33 and 24 percent over the past year, respectively...
...Templeton and the funds’ boards of directors have done remarkably little over the years to enhance shareholder value,” HMC said in a press release...
Templeton suggested in the complaint that Harvard’s alleged desire for short-term profit was at least in part motivated by the bonuses paid to HMC managers, including Vice President for Emerging Markets Steven Alperin, who was named as a co-defendant in the suit...
However, in its press release, HMC dismissed the lawsuit as “baseless” and characterized it as a “desperate act…to divert attention from the important issues...