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Members of Gakken's executive team, including President Yoichiro Endo, were reappointed at a general stockholders' meeting late last month.
Gakken's effective top shareholder with a 19.8 per cent stake, Effissimo sent the publisher a letter informing it of its intention to sell an interest, according to a filing with the local finance bureau.
In the letter, the fund brushed off Gakken's decisions, such as switching to a stock holding company, as "damaging its corporate value in the medium to long term."
Gakken argues that its corporate plans have been approved by at least two-thirds of shareholders.
Effissimo intends to exercise a right to request that Gakken buy back the shares it is considering selling.
(Nikkei)maz
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