Activist investor Marcato Capital Management has hit out once again at Buffalo Wild Wings, saying the restaurant chain made an "astronomical error" in definitive proxy materials it filed with the U.S. Securities and Exchange Commission last Friday.
In a Monday statement, Marcato said Buffalo Wild Wings had falsely stated in a chart that the company's shares outperformed the S&P 600 Restaurant Index over a five-year period ending Dec 25, 2016. The hedge fund claimed that the shares had, in fact, under performed the index by over 60 percent during the period.
A chart from the Buffalo Wild Wings 2017 proxy statement as seen by CNBC.
Multiple data sources appeared to confirm Marcato's assertion.
"This kind of sloppy, self-serving 'analysis,' which has gone uncorrected for three full days, including a trading day, is emblematic of what we believe is management's careless approach to assessment of shareholder value. This is an astronomical error and the fact that we need to point it out should make all shareholders question many arguments management has put forth," said Mick McGuire, managing partner of Marcato.