A. Schulman Inc. (NDAQ:SHLM) may be finding itself in the crosshairs of activist investor James Mitarotonda or Barington after the hedge fund request copies of financial statements and other records from the paint and platics company in a Schedule 13D/A filing with the SEC. The move comes just a week after another activist called for the sale of the company's Akron unit.

According to the filing with the SEC: "On October 25, 2007, Barington and Barington Companies Offshore Fund, Ltd. delivered a letter to the Company demanding ... a listing of the Company’s stockholders and copies of certain books and records of the Company in order to enable [the hedge fund] to investigate and communicate with the Company’s stockholders regarding matters relating to their mutual interests as stockholders."

The purpose is reportedly to evaluate "the use of corporate assets, the levels and types of compensation, perquisites and benefits provided to directors and executive officers of the Company, the nature of any family, business or personal relationships between the Company’s executive officers and directors, and certain decisions by the Board or its committees regarding the foregoing matters or otherwise affecting Board oversight, the management of the Company or other interests of stockholders."

The move comes just a week after Ramius Capital disclosed a 7.6 percent stake and nominated four directors to the company's board while pressing for an auction of the company. According to that activist, "Ramius' nominees can prove valuable in helping the company fully explore strategic alternatives and to focus on improving profitability."

In the end, this is all great news for shareholders. Any efforts to unlock value over the short-term through a sale would likely be a windfall for shareholders and investors willing to take a risk in the company. Combined, these factors make SHLM a stock worth watching!

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