Third Point cuts stake in Candela to 3.5%

By Jennifer Chiou

New York, March 13 - Candela Corp. investors led by Third Point LLC sold shares of the company's stock on March 11 and March 12 at prices between $3.50 and $3.95 to cut their stake in the company, according to a schedule 13D filing with the Securities and Exchange Commission.

The reporting persons now own 804,000 shares, or 3.5%, of the Wayland, Mass., laser and light-based medical device company, down from 2,255,000 shares, or 9.8%.

On Sept. 7, 2007, Candela, through outside counsel, accused investor Third Point on Sept. 4 of demanding Candela "immediately pursue a process to sell the company in its entirety" and alleged that the reporting persons were not "passive investors."

As previously reported, since acquiring its shares of Candela, Third Point has had conversations with company management, including an Aug. 23 telephone conversation with president and chief executive officer Gerard E. Puorro. Third Point earlier said it suggested the company consider strategic alternatives, but denies demanding that the company take any particular action, including putting itself up for sale.

Third Point bought 179,900 shares of Candela stock between July 9, 2007 and Aug. 17, 2007, priced from $8.12 to $11.25 per share, according to a previous SEC filing.

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