Integral Systems Inc. (NDAQ:ISIS) found itself under pressure from 12% holder Fursa Alternative Strategies, after the fund announced that it would be nominating two of its own members to the company's board of directors at the next annual shareholders meeting. These nominees include their Chief Investment Officer William F. Harley and director William F. Leimkuhler. The move to replace members of the board comes as a result of the company's inability to execute strategic alternatives to unlock shareholder value, which the fund said it finds "troubling". The company hasn't made any progress since last October when they noted that they were seeking strategic alternatives, which could include a possible sale of the company.

According to the fund's Schedule 13D filing with the SEC:

"As the Company's largest shareholder, we would like to see the Company's corporate governance significantly improved. The Company's Board and Management seem to require regular reminding of the need to significantly increase shareholder value. To better understand and act more in accordance with owner interests, we now believe the Board must include institutional investor representation. To that end, Fursa Alternative Strategies hereby nominates William F. Harley, III to the Company's Board for election as a Director at the Company's next Shareholder meeting. Fursa also nominates for election as Director at the next Shareholder meeting William F. Leimkuhler, who presently serves as a Director of the Company." (Read More)

If Fursa is successful in obtaining two seats on the company's board, it could result in the company adopting strategic alternatives to unlock shareholder value. The stock is currently off its highs of around $33 in September to its current level of $23.29.

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