Warren Lichtenstein, a microcap investor from New York, said on Monday he has taken a stake in Mayor’s Jewelers Inc. because the jewelry store operator’s stock is undervalued, Reuters reported.
Lichtenstein, who runs the Steel Partners investment firm, spent about $5.2 million to buy 1.8 million common shares, giving him a 9.5% stake in the Sunrise, Fla.-based company, said a Securities and Exchange Commission filing.
The shares ‘at current market prices are undervalued and represent an attractive investment opportunity,’ Lichtenstein said in the SEC filing.