US investment fund Jana Partners has boosted its stake in ailing pasta maker American Italian Pasta Co.
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The hedge fund has bought some 15,000 shares in the company in a deal worth around US$118,500, according to a filing with the US Securities and Exchange Commission. Jana Partners’ stake in the business stands at around 14%.
American Italian Pasta has yet to file its accounts for the last two fiscal years as the numbers need to be restated to account for brand impairments.
The company had traded on the New York Stock Exchange until late last year when its shares were pulled following a failure to file reports to the SEC on time.
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