Topps (TOPP) An investor group including Topps' director Arnaud Ajdler and Crescendo Investments II wrote to Topps' board, criticizing it for actions taken at a March 13 meeting. As reported, the board blocked two directors from officially monitoring acquisition offers that might compete with a recently announced -- and controversial -- bid to buy the trading-card company for about $385 million. Topps expressed concern over whether Ajdler and investor Timothy Brog could "adequately represent the best interests of the company's stockholders" given their "publicly stated opposition" to Topps' proposed merger with Tornante Co. and Madison Dearborn Partners. The Crescendo group holds 2,547,700 shares (6.6%).

Advocat (AVCA) Bristol Investment Fund has urged Advocat to retain a financial adviser to begin an auction process, solicit offers and engage in discussions with potential strategic buyers. It wants Advocat to form a committee of outside directors to evaluate offers and other alternatives. Bristol recommends that AVCA focus on a stock-buyback plan. Bristol holds 256,861 shares (4.4%).

InfoSpace (INSP) A shareholder group including Castlerigg Master Investments and Sandell Asset Management recommends that InfoSpace commit to $15 million in cost-cutting and return at least $300 million of its cash balance to shareholders through a share buyback and a dividend. The group also suggested that, if management doesn't close the value gap, the board should engage a financial adviser to sell INSP in whole or part. The shareholder group owns about 2.77 million shares (8.8%).

Diversa (DVSA) T. Rowe Price (TROW) opposes Diversa's proposed merger with Celunol. The investor expressed "dissatisfaction" with the proposed transaction and intends to determine what alternative courses of action may better serve its interests. T. Rowe holds about 3.43 million shares (7.7%).

Educational Development (EDUC) Investor Richard Scott reported ownership of 313,138 shares (9.01%), after buying them at $7 each in a private placement March 6 -- making Scott the second-largest shareholder of the company.

Ultratech (UTEK) Thales Fund Management boosted its stake to about 3.37 million shares (14.5%), from 2.8 million shares (12.1%) reported on Feb. 22. Thales Fund expects to acquire additional shares. In January, the fund disclosed it had sent a letter to UTEK asking it to consider a sale of the company as a way to maximize shareholder value.

Lesco (LSCO) A group of funds managed by Mario Gabelli's Gamco Investors (GBL) reported ownership of 644,311 shares (7.04%), after buying them from Feb. 20 to March 9 at $14.25 to $27.39 each.

Openwave Systems (OPWV) A group including Harbinger Capital Partners Master Fund I and Harbert Management raised its stake to 10.61 million shares (11.2%), after buying 610,000 on March 6-7 at $8.20 to $8.30 each.