On Wednesday, Marcato, which has a 5.2% stake in Buffalo Wild Wings, sent a presentation to the restaurant's shareholders claiming that Buffallo Wild Wings' management is not putting "their money where their mouth is" by not owning enough company stock.
"Since its IPO in 2003, Buffalo Wild Wings' Board and Management team have sold the vast majority of all stock ever owned. Shareholders deserve a Board and management team that is willing to commit its own capital alongside them," said Mick McGuire, founder and CEO of Marcato, who has been called a Bill Ackman "protégé."
The presentation said that only one director has bought stock on the open market.
"If the leaders of Buffalo Wild Wings don't believe in the long-term value of BWLD stock, why should shareholders believe in them?" the presentation said.
Last month, Marcato's presentation accused the company of "overpromising and under-delivering."
Buffalo Wild Wings did not immediately respond to Business Insider's request for comment.
Here is the full presentation: