The investor, New York-based HG Vora, has never before launched a proxy battle. It cited “Years of Poor Judgment, Failed Transactions, and Value Destructive Actions” as the rationale behind its move to do so now in a statement released Wednesday.

Carlos Ruisanchez, former chief financial officer of Pinnacle Entertainment (which was bought by Penn in 2018).William J. Clifford, former chief financial officer at Penn and the

Shares of Penn Entertainment (NASDAQ:PENN) climbed 3.5% following news that major shareholder HG Vora is launching a proxy fight, aiming to secure three independent board seats. This development comes as the Wall Street Journal reports that the New York-based investment firm has been working to gain the necessary gambling licenses to propose board nominees,

HG Vora initiates proxy fight with Penn Entertainment, nominating three board members including former CFOs and CEOs.