A New York hedge fund operator on Monday disclosed about a 7.3 percent stake in Cyberonics Inc., along with an ongoing intention to nominate a slate of three candidates for the medical device maker’s board of directors.
According to a Sept. 11 Securities and Exchange Commission filing, Metropolitan Capital Advisors Inc. has amassed 1,844,312 shares in Houston-based Cyberonics. The stake has mushroomed since May, when SEC documents show the New York City hedge-fund operator with 111,700 Cyberonics shares.
Metropolitan Capital’s approximately 7.33 percent ownership stake today is worth about $31.4 million.
