Billionaire investor Carl Icahn bought more than 1 million shares in Lionsgate, bringing his stake to 10.5% of the company, whose stock Icahn said is “undervalued,” Daily Variety reports. The purchase came after Lionsgate lost $93.4 million in the fiscal third quarter compared with a profit of $7.3 million in the year-earlier period, which executives described as “a big miss,” the trade paper says.
—Aimee Picchi