Rubric Capital urges Xperi stockholders to vote for its nominees

Rubric Capital Management, an investment advisor whose managed funds and accounts collectively own approximately 9.0% of the outstanding shares of common stock of Xperi, issued the following statement in response to Xperi’s recently updated investor presentation in connection with its 2024 Annual Meeting of Stockholders. The letter read, in part, “As longtime stockholders of Xperi, we have tolerated many things. Years of underperformance. Poor transparency. Excessive compensation. Wanton spending on ‘science projects.’ But we cannot tolerate the twisting of financial realities to present falsified versions of share performance and dilution to investors. That is a bridge too far…Xperi doesn’t seem to understand why Rubric is seeking new representation on the Board. We are doing so because since the spin-off, it is apparent that the Xperi Board has set stockholders and insiders on two different paths. It is also clear to us that the path for stockholders is currently typified by investment losses and margin and growth disappointment, while the other path, for insiders, is one of personal enrichment based on tenure at the expense of stockholders. Rubric wants the paths of stockholders and insiders to align so that both can share in the benefit of an improved Xperi, and we are confident that electing Thomas A. Lacey and Deborah S. Conrad can help achieve this. That’s what this proxy contest is about.”