Coppersmith Presentation to Alere Inc Stockholders
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Consistent Stock Return Underperformance
Total Return as of 6/28/13
Alere
NYSE Composite
DJ US HC Index
■
■
2 Year
-33.1%
■
15.8%
40.3%
3 Year
-8.1%
-48.9%
-73.4%
52.8%
80.6%
-60.9%
-88.7%
5 Year
-26.1%
21.4%
76.4%
COPPERSMITH
Underperformance vs. NYSE Composite
Underperformance vs. DJ US HC Index
Averaged -80% underperformance relative to its comparable indices over the last two through ten-year periods
Averaged -15% absolute performance in these periods
▪ One-day declines of at least -13% in each of the last three fiscal years
nairman & CEO Zwanziger in his 6/27/13 letter to stockholders, disingenuously cites only an 8-month stock price return:
> A period which follows the operational debacle and stock price crash due to the FDA investigation
Cites index price performance instead of total return to make its relative performance look 2% better
▪ In his 7/15/13 stockholder letter he inexplicably cites performance for a 1-yr + 12 days period (377 days ending 7/10/13)
> Continues to benefit from price depression due to the FDA investigation
> Further benefits from the rapid rise in Alere stock following Coppersmith's 7/8/13 letter to stockholders (7.2% for this
measurement period)
Alere's performance has consistently punished stockholders over the long term
-47.6%
-102.5%
1 Day Before
HM
-58.9%
6.9%
54.2%
10 Year
-65.8%
-113.1%
26.9%
115.6%
109.2%
-88.7%
-82.3%View entire presentation