Monday, February 12, 2007

Magnetar Financial LLC Wants Kintera (KNTA) CEO Harry Gruber Terminated; Also Wants Allen B. Gruber and Dennis Berman Fired

In a 13D filing on Kintera Inc. (Nasdaq: KNTA), Magnetar Financial LLC disclosed an 11.6% stake (4.66 million shares). The firm noted they initially acquired the securities of the Company as a passive investment.

The firm said they, like several other large investors, have become quite concerned about the Company’s operating results and management policies and personnel. The Reporting Persons approve of the board’s recent separation of the Chairman and Chief Executive Officer positions, however, it is the belief of the Reporting Persons that the board has not taken appropriate action on other matters.

The firm support the Board of Directors of the Company taking immediate action to implement management changes at the Company, including the termination of employment of Harry Gruber, Allen B. Gruber and Dennis Berman.

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