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Neuberger Berman Ups Ultratech Fight for Two Board Seats

  • Fund manager criticizes company under leadership of CEO
  • Asset manager holds about 7.6% of Ultratech outstanding stock
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Neuberger Berman Group, the investment manager waging a rare activist proxy fight at Ultratech Inc., escalated its attack, criticizing the performance of the maker of lights and lasers for the technology sector.

Under the leadership of Ultratech’s founder, Chairman and Chief Executive Officer Art Zafiropoulo, 77, the company’s shares have fallen and sales have shrunk, Neuberger Berman wrote in a letter released Monday. It also criticized his stock sales and other benefits, including the company’s sponsorship of a racing team affiliated with a sports-car dealership owned by Zafiropoulo.