In this webinar, our distinguished panel of shareholder activism advisors and thought leaders, bringing perspectives from both the company and the activist investor, will explore the following:

• Why small caps are a “sweet spot” for activist investors and consistently account for more than a majority of all activist campaigns;

• Why small caps are generally very vulnerable to activist investors;

• The key themes for activist campaigns at small caps;

• How activism preparedness and defense is different for small caps; and

• How small caps can enhance outcomes when targeted by activist investors

Moderator:

Keith E. Gottfried
Founder & CEO, Gottfried Shareholder Advisory, LLC

Keith Gottfried is the CEO of Gottfried Shareholder Advisory LLC, a strategic advisory firm focused on advising public companies, the C-suite, and boards of directors on shareholder activism preparedness and defense.  Keith is a highly experienced shareholder activism advisor. Throughout a career that spans over 30 years, working at some of the country’s most prominent firms, Keith has advised numerous public companies in connection with high-profile shareholder activism campaigns. Before founding his firm in 2021, Keith led the shareholder activism defense practice at a large global law firm. 

Keith's work as a shareholder activism defense advisor has been recognized on numerous occasions. In both 2018 and 2019, Keith was named by the National Association of Corporate Directors (NACD) to its list of Directorship 100 honorees, which recognizes the most influential people in the boardroom community, including directors, corporate governance experts, regulators, and advisors. Keith publishes and presents regularly and has been frequently quoted by the national business and news media, on shareholder activism trends and developments. Keith has also been a frequent contributor to the Harvard Law School Forum on Corporate Governance on shareholder activism developments. Keith holds an M.B.A., with high honors, from Boston University's Questrom School of Business, a J.D., cum laude, from Boston University's School of Law, where he was an Edward F. Hennessey Distinguished Scholar of Law, and a G. Joseph Tauro Scholar of Law, and a B.S from the University of Pennsylvania’s Wharton School of Business.

Panelists:

Randall Adams
Partner, Litigation & Investigations Group, Seward & Kissel, LLP

Randall Adams is a partner at Seward & Kissel LLP and a core member of the firm’s shareholder activism and corporate governance practice. He advises activist investors and institutional clients on activism-driven governance and control matters, including ownership and disclosure disputes, proxy contests, and related strategic and litigation matters.  Randall has deep experience advising activists on disputes arising under Sections 13 and 14 of the Securities Exchange Act. He has represented activists in some of the most significant proxy contests of the past decade.

In addition to his activism work, Randall mains a complex commercial litigation practice representing fund sponsors, general partners, and limited partners in high-stakes disputes relating to ownership of management companies, general partner removals, fiduciary duty claims, diversion of business opportunities, and disputes involving digital asset and blockchain-based fund structures.

Brendan M. Foo
Partner and Global Head of Corporate Contests, Forward Global

Brendan M. Foo is a Co-CEO and Co-Founder of Forward Risk, the investigations and intelligence practice of Forward Global. He leads the firm’s corporate contests practice, and his clients include some of the world’s top activist investors. He has also been engaged by issuers and their outside counsel on over 75 proxy contests and hostile takeover defenses. By bringing together his expertise as a practitioner and strategist, he has helped clients to prevail in multiple high-stakes proxy battles. Brendan has extensive experience in all the firm’s core practice areas, as well as significant international experience. He has lived, studied, and worked in several countries. He also speaks Chinese and has undertaken multifaceted investigations for clients doing business around the world.

Prior to co-founding Forward Risk, Brendan established and led the Asia Desk and headed internal research operations in aid of initial public offerings and private equity due diligence at a global risk and compliance firm. Early in his career, he worked as a journalist in Singapore. Brendan serves on the board of directors of the Capital Rowing Club and on the advisory board of the Master of Science in Foreign Service program at the Georgetown University School of Foreign Service. He holds two Bachelor’s degrees from Fordham University and an MSFS from Georgetown University.

Andrew Shapiro
Independent Director & Governance Advisor, Lawndale Capital Advisors, Inc.

Andrew Shapiro is an independent director and governance advisor who brings a deeply informed investor mindset to boardroom decision-making. With more than three decades managing activist funds at Lawndale Capital Management and now as CEO of Lawndale Capital Advisors, he has led governance, capital allocation, and disclosure resets in high-stakes environments, including contested situations, M&A, restructurings, and related litigation.

During his 32 years leading Lawndale Capital Management through 2024, Shapiro developed extensive expertise in proxy contests, activist campaigns, and sustainable value creation, with a focus on corporate governance, compensation design, and stakeholder engagement. Today, his advisory work centers on providing strategic guidance to investment funds, family offices, and corporate boards, helping them navigate complex governance challenges and drive long-term value. He has served as a board member, officer, advisor, or consultant across a wide range of industries and company stages, bringing practical, boardroom-tested leadership to crisis management and fiduciary decision-making.

Shapiro is widely recognized for his governance thought leadership. He has been named to the National Association of Corporate Directors’ Directorship 100, served on the Council of Institutional Investors’ Corporate Governance Advisory Council, and holds long-standing NACD Board Leadership Fellow credentials, along with certification in private company governance and qualification as an Audit Committee Financial Expert. A frequent speaker and commentator, he has been featured in outlets including Forbes, Barron’s, Institutional Investor, and BusinessWeek, which once dubbed him “The Gary Cooper of Governance.”

Leonard Wood
Partner, Chair, Shareholder Activism and Takeover Defense, Goodwin

Leonard Wood is the chair of Goodwin’s Shareholder Activism and Takeover Defense practice. Leonard devotes his practice entirely to shareholder activism campaigns, proxy fights, shareholder activism preparedness, strategic investor relations, and contested M&A. He has advised hundreds of public companies across all industries and sizes in shareholder activism defense, proxy contests, strategic investor relations and hostile takeover defense. Additionally, Leonard has advised several of the world’s largest corporations on corporate governance matters. Leonard publishes widely on shareholder activism and corporate governance, with articles appearing in the Harvard Law School Corporate Governance Forum, The M&A Journal, Lexology’s “Getting the Deal Through” series, Law360, Insights, Agenda and The Review of Securities & Commodities Regulation. 

Leonard holds a JD from Harvard Law School and a PhD from Harvard University. He was named to the Legal 500 “Next Generation Partners” list for both Commercial Shareholder Activism: Advice to Boards and M&A/Corporate (2026) and was named to The Best Lawyers in America’s “Ones to Watch” list for his work in both Corporate Governance and Compliance and M&A (2026).