EveryWare Global (EVRY) popped more than 22% today after the company reached a deal with its labor workers that will help the company reduce its future operating costs.
Most importantly, the company last week saved itself from bankruptcy by reaching an agreement with its lenders that will allow it to stay in business for at least the remainder of the year.
Two months ago the stock traded for $.67 cents. It is now up nearly 500% from that level.
EVRY is owned by the billionaire activist hedge fund The Clinton Group. The Clinton Group, one of the top small cap activist hedge funds in the world, owns almost 16% of the company. We are very familiar with The Clinton Group at BillionairesPortfolio.com. We followed them into one of their biggest positions last year. That gave us a 60% return in less than 4 months.
Make no mistake, the influence of the Clinton Group is a driving factor behind the positive financial development in this stock. And that has led to it’s sharp recovery. For shareholders, this is the benefit of having a powerful shareholder on your side, constantly working to create value in a stock.
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