Loeb's Third Point LLC Lowers Stake in Acorda (ACOR) to 4.1%

In an amended 13D filing on Acorda Therapeutics (Nasdaq: ACOR), Daniel Loeb's Third Point LLC disclosed they lowered their stake in the company to 4.1% (1 million shares), down from 9.9%.

In his original 13D filing, Loeb requested that Acorda's Board of Directors retain an investment bank and pursue a process to sell the Company.

Acorda Therapeutics (ACOR) Responds to Loeb's Request to Sell

Acorda Therapeutics, Inc. (NASDAQ: ACOR) responded to a letter from Dan Loeb's Third Point LLC urging the company to sell itself. The company said, "The board of directors of Acorda Therapeutics continually evaluates ways to maximize shareholder value and to serve the best interests of all shareholders."

In his letter to Acorda yesterday, disclosed in a 13D filing, Loeb said, "A larger, more experienced company would be able to expedite Fampridine SR through the FDA and into the hands of patients more quickly and efficiently."