Galleon Management sells shares of PeopleSupport

By Lisa Kerner

Charlotte, N.C., June 3 - Galleon Management, LP reported the sale of 471,742 shares of PeopleSupport, Inc.'s stock between May 14 and June 2.

According to a schedule 13D filing with the Securities and Exchange Commission, the shares were priced from $8.88 to $10.19 each.

Galleon Management owns 2,996,420 shares, or 14.17%, of the Los Angeles-based offshore business process outsourcing provider.

In March, Galleon Group announced that its designee, Krish Panu, would join the board of directors of PeopleSupport under a letter agreement between the investor and the company.

PeopleSupport also agreed to increase the number of directors to eight, from seven, it was previously reported.

In exchange, Galleon agreed to vote all its shares of PeopleSupport in favor of the nominees approved by the company's nominating and corporate governance committee.

Either party can terminate the agreement any time after Dec. 31.

The letter agreement was included in a previous SEC filing.

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