Legion Partners has built a stake in Five9 (FIVN) and is pushing for a board seat and cost cuts, Svea Herbst-Bayliss of Reuters reports, citing two sources familiar with the matter. Legion’s involvement comes months after Anson Funds Management built its stake and began urging the company to consider a sale, Reuters reported in July. In addition to pushing for one board seat, Legion wants the company to cut costs, sources told Reuters. Shares of Five9 are down 23c to $30.69 in afternoon trading.
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