Mick McGuire, the founder and CEO of Marcato Capital Management who has been called a Bill Ackman "protégé," released a harsh letter to James Damian, the chairman of Buffalo Wild Wing's board of directors, on Wednesday.
The letter accuses Buffalo Wild Wings management of ignorance and inaction, as McGuire says the company is squandering its potential.
Shares of Buffalo Wild Wings rose 2.9% on Wednesday.
Buffalo Wild Wings said it "will continue to engage constructively with Marcato and we will also consider the input of our other shareholders."
Along with the letter, McGuire released a presentation that the hedge fund, which has a 5.2% stake in Buffalo Wild Wings, reportedly shared with Buffalo Wild Wings executives in June. Here are the slides: