Fund Seeks To Up US Auto Parts Stake, Shake Up Board

Law360, New York (September 25, 2013, 11:05 AM EDT) -- Maguire Asset Management on Wednesday said it was seeking to buy up to one-third of U.S. Auto Parts Network Inc. and shake up the company, whose stock has fallen dangerously close to $1 per share and is now on the verge of being delisted.

Maguire said it had approached fellow hedge fund Oak Investment Partners about buying Oak's 28 percent stake in U.S. Auto Parts, which would boost Maguire's stake to 33 percent. It urged the board to fire CEO Shane Evangelist, sell its online auto-repair...
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