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.

Investor HG Vora is launching a proxy fight at casino operator Penn Entertainment and is submitting nominations for three independent board seats, according to people familiar with the matter. The Wall Street Journal reported in late 2023 that HG Vora was looking to win representation on Penn’s board.

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,