Clinton Group called for replacement of Select Comfort's CEO, Bill McLaughlin, and revision of Select's marketing strategy. The group also expressed disappointment that the Minneapolis bed retailer had declined its request for two board seats. Clinton Group suggested that Select Comfort revise its marketing strategy to refocus on direct marketing, and immediately halt all new store openings and unnecessary capital expenditures until sales improve. Clinton Group holds 3,469,647 shares (7.73% of the total outstanding).

Legatum Global Holdings denounced Sonus Networks' recent statement that accused it of having violated a federal law in connection with certain disclosure filings. Legatum, a Dubai-based investment fund, said that Sonus' June 20 letter to it had tried to "obscure matters by raising counterfeit issues about the company's largest shareholder." Legatum withheld votes for Sonus' nominees after Sonus rebuffed its request to add two officers to the seven-member board and to make various corporate-governance changes. Legatum said that it's "not going away any- time soon," and will take action to "help move the company in the direction that will increase transparency, board accountability and best serve the interests of all shareholders." Legatum holds 67,295,079 shares (24.8%).

Ramius LLC sent a letter to Agilysys, nominating three candidates for election to the board at the '08 annual meeting. Ramius applauded Agilysys' decision to explore strategic alternatives, including a sale. But Ramius said that it is disappointed that Agilysys didn't place a shareholder representative on the board. Ramius' three nominees are John Mutch, Steve Tepedino and James Zierick. Ramius holds 2,123,471 shares (9%).

Teck Cominco (TCK) is evaluating strategies for its investment in Fording, one of Canada's largest royalty trusts, including acquisition of more units or assets of the trust and disposition of all or some of the units it holds. Teck owns 29.5 million units (19.95%).

Money manager Steven A. Cohen reported owning 4,099,540 shares (5.3%) after buying 1,671,357 from April 28 to June 24 at $25.74 to $27.78 each. Cohen said that he might discuss the videogame maker's business and plans with it or with other shareholders. Electronic Arts (ERTS) has made a so far unsuccessful $2 billion hostile bid for Take-Two.

ValueAct Capital Management hiked its stake to about 4.24 million shares (11.2%), from the 3.74 million (9.9%) reported on June 9.

Funds run by Gamco Investors (GBL) raised their stake to 6,695,345 shares (5.25%), by buying 556,030 at prices ranging from $21.13 to $26.03.

Carl Icahn cut his position to 1.34 million shares (8.17%), from 1.53 million (9.45%), after disclosing that he doesn't plan to pursue a business combination with GBX.