Xperi shareholder Rubric urges stockholders to vote for their board nominees

Rubric, an investment advisor whose managed funds and accounts collectively own approximately 9.0% of the outstanding shares of common stock of Xperi sent a letter to Xperi stockholders urging them to replace David Habiger and Darcy Antonellis as members of the Company’s Board of Directors with Rubric’s nominees, Thomas A. Lacey and Deborah S. Conrad, at Xperi’s Annual Meeting of Stockholders, which is scheduled to be held on May 24. In its letter, Rubric underscored Xperi’s and its predecessor company’s poor total shareholder return under the watch of Mr. Habiger and Ms. Antonellis, and contrasted the superior qualifications, skills, and track records of Mr. Lacey and Ms. Conrad with those of the incumbent directors. The text of letter in part follows: ” Rubric Capital Management manages funds and accounts which collectively own approximately 9.0% of the outstanding shares of common stock of Xperi making us the Company’s third largest stockholder and largest non-index holder by a wide margin . We have patiently been stockholders of Xperi and its predecessors since Rubric’s formation in 2016, but we cannot standby idly any longer while the value of our investment continues to deteriorate.