Washington Post – The chess match between Ashburn defense technology company Telos Corp. and a New York hedge fund didn’t take a break for the holidays — to the extent that Telos is now in the position of investigating itself.
The managers of Costa Brava Partnership III LP, the hedge fund, last week sent letters to the company’s board charging the firm had misstated its financial statements for 10 years and called for the resignation of chief executive John B. Woods and Chief Financial Officer Michele Nakazawa.
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The letters are the latest in Costa Brava’s increasingly pointed demands that Telos be restructured or sold. Telos, bolstered by a string of Air Force contracts, had $100 million in revenue in the first nine months of the year, a 25 percent increase.
