Jana Partners has spent the last year building its stake in the company, citing concerns over management’s inability to control spending and a string of operational missteps. These demands follow a difficult period for the manufacturer, which saw its stock price slide 34% throughout the year. The investor previously floated the idea of a strategic merger with industry rival Bausch + Lomb to unlock shareholder value.

Recent financial results have fueled the investor’s critique. Cooper reduced its annual outlook earlier this month after a strategic inventory reduction at its CooperVision unit dragged down third-quarter performance. With sales falling short of Wall Street estimates, the company now faces significant headwinds heading into the final quarter. The pressure from Jana Partners signals a growing impatience with the current strategy as the board weighs these external calls for a major corporate restructuring.