In a letter delivered to the board on September 17, JANA Partners Managing Partner Scott Ostfeld described the medical device manufacturer’s recent performance as a masterclass in mismanagement. The activist firm highlighted a pattern of problematic forecasting and failed capital allocation, specifically pointing to billions spent on the CooperSurgical segment that have yet to yield acceptable returns. According to JANA, the company’s stock currently trades at a 10-year low, languishing at a significant discount compared to industry peers.

Beyond leadership changes, JANA is pushing for a broader strategic pivot. The firm argues that Cooper should proactively engage with potential buyers for its CooperVision and fertility businesses, suggesting these assets would command a higher valuation under different ownership. To address internal operational issues, the firm also called for the appointment of a performance improvement consultant to overhaul the company's supply chain and manufacturing costs. The board currently faces pressure to reverse incentive structures that JANA claims have reduced executive accountability.