Major Shareholder Calls for NetSol Shake-Up

NetSol International Inc.’s largest shareholder called for a shake-up in the software developer’s management, a regulatory filing said. Blue Water Master Fund, a Manhasset, N.Y.-based hedge fund group, said the fund and its affiliates were “determined to protect the value of their investment” through the “removal and replacement of certain individuals currently employed” by NetSol. Blue Water didn’t give any other details in the 13D filing with the Securities and Exchange Commission. In a statement, NetSol said: “The management team is intact and has the support of the board. No changes are anticipated in the board or the management.” A Blue Water fund official could not be reached. The shares of the Calabasas-based software developer fell 90% last year from its high in March, creating a paper loss of more than $153 million for the Blue Water hedge fund group. The fund owns 19.1%, or 2.1 million shares. Shares of NetSol fell 88 cents to close at $7.13 on the Nasdaq Small-Cap market.