0001193125-14-345661.txt : 20140918 0001193125-14-345661.hdr.sgml : 20140918 20140918162105 ACCESSION NUMBER: 0001193125-14-345661 CONFORMED SUBMISSION TYPE: SC 13D/A PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20140918 DATE AS OF CHANGE: 20140918 GROUP MEMBERS: BC ADVISORS, LLC GROUP MEMBERS: BECKER DRAPKIN PARTNERS (QP), L.P. GROUP MEMBERS: BECKER DRAPKIN PARTNERS, L.P. GROUP MEMBERS: MATTHEW A. DRAPKIN GROUP MEMBERS: STEVEN R. BECKER SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: Fuel Systems Solutions, Inc. CENTRAL INDEX KEY: 0001340786 STANDARD INDUSTRIAL CLASSIFICATION: MOTOR VEHICLE PARTS & ACCESSORIES [3714] IRS NUMBER: 203960974 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D/A SEC ACT: 1934 Act SEC FILE NUMBER: 005-82552 FILM NUMBER: 141110269 BUSINESS ADDRESS: STREET 1: 3030 SOUTH SUSAN STREET CITY: SANTA ANA STATE: CA ZIP: 92704 BUSINESS PHONE: 714-656-1300 MAIL ADDRESS: STREET 1: 3030 SOUTH SUSAN STREET CITY: SANTA ANA STATE: CA ZIP: 92704 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: Becker Drapkin Management, L.P. CENTRAL INDEX KEY: 0001346543 IRS NUMBER: 000000000 STATE OF INCORPORATION: TX FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D/A BUSINESS ADDRESS: STREET 1: 500 CRESCENT COURT STREET 2: SUITE 230 CITY: DALLAS STATE: TX ZIP: 75201 BUSINESS PHONE: (214) 756-6016 MAIL ADDRESS: STREET 1: 500 CRESCENT COURT STREET 2: SUITE 230 CITY: DALLAS STATE: TX ZIP: 75201 FORMER COMPANY: FORMER CONFORMED NAME: SRB Management, L.P. DATE OF NAME CHANGE: 20051209 SC 13D/A 1 d791762dsc13da.htm AMENDMENT NO. 2 TO SCHEDULE 13D Amendment No. 2 to Schedule 13D

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 2)*

 

 

Fuel Systems Solutions, Inc.

(Name of Issuer)

Common Stock

(Title of Class of Securities)

35952W103

(CUSIP Number)

Becker Drapkin Management, L.P.

Attn: Steven R. Becker

Attn: Matthew A. Drapkin

500 Crescent Court

Suite 230

Dallas, Texas 75201

(214) 756-6016

With a copy to:

Richard J. Birns, Esq.

Gibson, Dunn & Crutcher LLP

200 Park Avenue

New York, New York 10166

(212) 351-4032

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

September 17, 2014

(Date of Event Which Requires Filing of This Statement)

 

 

If the filing person has previously filed a statement on Schedule 13G to report the acquisition which is the subject of this Schedule 13D, and is filing this schedule because of Sections 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.  ¨

 

 

Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See Section 240.13d-7 for other parties to whom copies are to be sent.

 

 

 

* The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.

The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

 

 

 


CUSIP No. 35952W103  

 

  1   

Name of reporting persons

 

Becker Drapkin Management, L.P.

  2  

Check the appropriate box if a member of a group

(a)  x        (b)  ¨

 

  3  

SEC use only

 

  4  

Source of funds

 

    OO

  5  

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)    ¨

 

  6  

Citizenship or place of organization

 

    Texas

Number of

shares

beneficially

owned by

each

reporting

person

with

 

     7    

Sole voting power

 

    346,913

     8   

Shared voting power

 

    1,446,340

     9   

Sole dispositive power

 

    346,913

   10   

Shared dispositive power

 

    1,446,340

11  

Aggregate amount beneficially owned by each reporting person

 

    1,793,253

12  

Check box if the aggregate amount in Row (11) excludes certain shares    ¨

 

13  

Percent of class represented by amount in Row (11)

 

    8.9%

14  

Type of reporting person

 

    IA, PN

 


CUSIP No. 35952W103  

 

  1   

Name of reporting persons

 

Becker Drapkin Partners (QP), L.P.

  2  

Check the appropriate box if a member of a group

(a)  x        (b)  ¨

 

  3  

SEC use only

 

  4  

Source of funds

 

    WC

  5  

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)    ¨

 

  6  

Citizenship or place of organization

 

    Texas

Number of

shares

beneficially

owned by

each

reporting

person

with

 

     7    

Sole voting power

 

    1,297,925

     8   

Shared voting power

 

    0

     9   

Sole dispositive power

 

    1,297,925

   10   

Shared dispositive power

 

    0

11  

Aggregate amount beneficially owned by each reporting person

 

    1,297,925

12  

Check box if the aggregate amount in Row (11) excludes certain shares    ¨

 

13  

Percent of class represented by amount in Row (11)

 

    6.0%

14  

Type of reporting person

 

    PN

 


CUSIP No. 35952W103  

 

  1   

Name of reporting persons

 

Becker Drapkin Partners, L.P.

  2  

Check the appropriate box if a member of a group

(a)  x        (b)  ¨

 

  3  

SEC use only

 

  4  

Source of funds

 

    WC

  5  

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)    ¨

 

  6  

Citizenship or place of organization

 

    Texas

Number of

shares

beneficially

owned by

each

reporting

person

with

 

     7    

Sole voting power

 

    148,415

     8   

Shared voting power

 

    0

     9   

Sole dispositive power

 

    148,415

   10   

Shared dispositive power

 

    0

11  

Aggregate amount beneficially owned by each reporting person

 

    148,415

12  

Check box if the aggregate amount in Row (11) excludes certain shares    ¨

 

13  

Percent of class represented by amount in Row (11)

 

    0.7%

14  

Type of reporting person

 

    PN

 


CUSIP No. 35952W103  

 

  1   

Name of reporting persons

 

BC Advisors, LLC

  2  

Check the appropriate box if a member of a group

(a)  x        (b)  ¨

 

  3  

SEC use only

 

  4  

Source of funds

 

    OO

  5  

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)    ¨

 

  6  

Citizenship or place of organization

 

    Texas

Number of

shares

beneficially

owned by

each

reporting

person

with

 

     7    

Sole voting power

 

    0

     8   

Shared voting power

 

    1,793,253

     9   

Sole dispositive power

 

    0

   10   

Shared dispositive power

 

    1,793,253

11  

Aggregate amount beneficially owned by each reporting person

 

    1,793,253

12  

Check box if the aggregate amount in Row (11) excludes certain shares    ¨

 

13  

Percent of class represented by amount in Row (11)

 

    8.9%

14  

Type of reporting person

 

    IA, OO

 


CUSIP No. 35952W103  

 

  1   

Name of reporting persons

 

Steven R. Becker

  2  

Check the appropriate box if a member of a group

(a)  x        (b)  ¨

 

  3  

SEC use only

 

  4  

Source of funds

 

    OO

  5  

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)    ¨

 

  6  

Citizenship or place of organization

 

    United States

Number of

shares

beneficially

owned by

each

reporting

person

with

 

     7    

Sole voting power

 

    0

     8   

Shared voting power

 

    1,793,253

     9   

Sole dispositive power

 

    0

   10   

Shared dispositive power

 

    1,793,253

11  

Aggregate amount beneficially owned by each reporting person

 

    1,793,253

12  

Check box if the aggregate amount in Row (11) excludes certain shares    ¨

 

13  

Percent of class represented by amount in Row (11)

 

    8.9%

14  

Type of reporting person

 

    IN

 


CUSIP No. 35952W103  

 

  1   

Name of reporting persons

 

Matthew A. Drapkin

  2  

Check the appropriate box if a member of a group

(a)  x        (b)  ¨

 

  3  

SEC use only

 

  4  

Source of funds

 

    OO

  5  

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)    ¨

 

  6  

Citizenship or place of organization

 

    United States

Number of

shares

beneficially

owned by

each

reporting

person

with

 

     7    

Sole voting power

 

    0

     8   

Shared voting power

 

    1,793,253

     9   

Sole dispositive power

 

    0

   10   

Shared dispositive power

 

    1,793,253

11  

Aggregate amount beneficially owned by each reporting person

 

    1,793,253

12  

Check box if the aggregate amount in Row (11) excludes certain shares    ¨

 

13  

Percent of class represented by amount in Row (11)

 

    8.9%

14  

Type of reporting person

 

    IN

 


This Amendment No. 2 to Schedule 13D amends and supplements the Schedule 13D filed with the Securities and Exchange Commission (the “SEC”) on August 15, 2014 (the “Original Schedule 13D”) and Amendment No. 1 thereto, filed with the SEC on August 26, 2014, with respect to the shares of common stock, par value $0.001 per share (the “Common Stock”), of Fuel Systems Solutions, Inc., a Delaware corporation (the “Issuer”).

 

Item 3. Source and Amount of Funds or Other Consideration

Item 3 is amended and supplemented to add the following information for updating as of the date hereof:

The Reporting Persons expended an aggregate amount equal to $18,659,896 (including commissions) to purchase 1,793,253 shares of Common Stock.

 

Item 5. Interest in Securities of the Issuer

Item 5 is amended and supplemented to add the following information for updating as of the date hereof:

(a), (b) The Reporting Persons may be deemed to beneficially own in the aggregate 1,793,253 shares of Common Stock. Based upon a total of 20,105,520 outstanding shares of Common Stock, as reported in the Issuer’s quarterly report on Form 10-Q for the quarterly period ended June 30, 2014, the Reporting Persons’ shares represent approximately 8.919% of the outstanding shares of Common Stock.

Becker Drapkin QP owns 1,297,925 shares of Common Stock (the “Becker Drapkin QP Shares”), which represent approximately 6.026% of the outstanding shares of Common Stock.

Becker Drapkin, L.P. owns 148,415 shares of Common Stock (the “Becker Drapkin, L.P. Shares”), which represent approximately 0.690% of the outstanding shares of Common Stock.

The Becker Drapkin QP Shares and Becker Drapkin, L.P. Shares are collectively referred to herein as the “Becker Drapkin Funds Shares”.

Becker Drapkin QP has the power to vote or to direct the vote of (and the power to dispose or direct the disposition of) the Becker Drapkin QP Shares. Becker Drapkin QP disclaims beneficial ownership of the Becker Drapkin, L.P. Shares.

Becker Drapkin, L.P. has the power to vote or to direct the vote of (and the power to dispose or direct the disposition of) the Becker Drapkin, L.P. Shares. Becker Drapkin, L.P. disclaims the beneficial ownership of the Becker Drapkin QP Shares.

As general partner of the Becker Drapkin Funds, BD Management may be deemed to have the shared power to vote or direct the vote of (and the shared power to dispose or direct the disposition of) the Becker Drapkin Funds Shares. BD Management in its capacity as investment manager for the Managed Account has the sole power to vote or direct the vote of (and the sole power to dispose or direct the disposition of) 346,913 shares held by the Managed Account (the


“Managed Account Shares”), which represent approximately 1.595% of the outstanding shares of Common Stock. BD Management disclaims beneficial ownership of the Becker Drapkin Funds Shares.

The Becker Drapkin Funds disclaim beneficial ownership of the Managed Account Shares.

As general partner of BD Management, BCA may be deemed to have the shared power to vote or direct the vote of (and the shared power to dispose or direct the disposition of) any shares of Common Stock beneficially owned by BCA. Mr. Becker and Mr. Drapkin each disclaim beneficial ownership of any shares of Common Stock beneficially owned by BCA.

As of the date hereof, no Reporting Persons owns any shares of Common Stock other than those set forth in this Item 5.

(c) The trading dates, number of shares of Common Stock purchased or sold, and the price per share of Common Stock for all transactions by the Reporting Persons in shares of Common Stock within the last 60 days, all of which were brokered transactions, are set forth below.

 

Name of Reporting Person

   Trade Date      Purchased (Sold)      Price / Share  

Becker Drapkin QP

     8/27/2014         23,327       $ 9.9683   

Becker Drapkin QP

     8/28/2014         19,419       $ 9.8757   

Becker Drapkin QP

     9/3/2014         15,284       $ 9.8211   

Becker Drapkin QP

     9/4/2014         6,981       $ 9.8096   

Becker Drapkin QP

     9/9/2014         11,604       $ 9.9277   

Becker Drapkin QP

     9/9/2014         4,518       $ 9.9548   

Becker Drapkin QP

     9/10/2014         5,859       $ 9.9487   

Becker Drapkin QP

     9/11/2014         4,585       $ 9.8790   

Becker Drapkin QP

     9/12/2014         11,433       $ 9.7874   

Becker Drapkin QP

     9/15/2014         14,253       $ 9.7579   

Becker Drapkin QP

     9/16/2014         9,670       $ 9.7053   

Becker Drapkin QP

     9/16/2014         10,306       $ 9.7032   

Becker Drapkin QP

     9/17/2014         14,118       $ 9.8633   

 

2


Becker Drapkin, L.P.

     8/27/2014         2,640       $ 9.9683   

Becker Drapkin, L.P.

     8/28/2014         2,198       $ 9.8757   

Becker Drapkin, L.P.

     9/3/2014         1,724       $ 9.8211   

Becker Drapkin, L.P.

     9/4/2014         787       $ 9.8096   

Becker Drapkin, L.P.

     9/9/2014         1,309       $ 9.9277   

Becker Drapkin, L.P.

     9/9/2014         509       $ 9.9548   

Becker Drapkin, L.P.

     9/10/2014         661       $ 9.9487   

Becker Drapkin, L.P.

     9/11/2014         517       $ 9.8790   

Becker Drapkin, L.P.

     9/12/2014         1,290       $ 9.7874   

Becker Drapkin, L.P.

     9/15/2014         1,608       $ 9.7579   

Becker Drapkin, L.P.

     9/16/2014         1,091       $ 9.7053   

Becker Drapkin, L.P.

     9/16/2014         1,162       $ 9.7032   

Becker Drapkin, L.P.

     9/17/2014         1,592       $ 9.8633   

Managed Account

     8/27/2014         7,091       $ 9.9683   

Managed Account

     8/28/2014         5,903       $ 9.8757   

Managed Account

     9/3/2014         4,645       $ 9.8211   

Managed Account

     9/4/2014         2,122       $ 9.8096   

Managed Account

     9/9/2014         3,527       $ 9.9277   

Managed Account

     9/9/2014         1,373       $ 9.9548   

Managed Account

     9/10/2014         1,780       $ 9.9487   

Managed Account

     9/11/2014         1,398       $ 9.8790   

Managed Account

     9/12/2014         3,475       $ 9.7874   

Managed Account

     9/15/2014         4,332       $ 9.7579   

Managed Account

     9/16/2014         2,939       $ 9.7053   

 

3


Managed Account

     9/16/2014         3,132       $ 9.7032   

Managed Account

     9/17/2014         4,290       $ 9.8633   

(d) No person other than the Reporting Persons, and the Managed Account with respect to the Managed Account Shares, has the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the shares of common Stock set forth above.

(e) Not applicable.

 

4


SIGNATURES

After reasonable inquiry and to the best of each of the undersigned’s knowledge and belief, each of the undersigned, severally and not jointly, certified that the information set forth in this statement is true, complete and correct.

Dated: September 18, 2014

 

BECKER DRAPKIN MANAGEMENT, L.P.
By:   BC Advisors, LLC, its general partner
By:  

/s/ Richard J. Birns

  Name:   Richard J. Birns
  Title:   Attorney-in-Fact
BECKER DRAPKIN PARTNERS (QP), L.P.
By:   Becker Drapkin Management, L.P., its general partner
  By:   BC Advisors, LLC, its general partner
By:  

/s/ Richard J. Birns

  Name:   Richard J. Birns
  Title:   Attorney-in-Fact
BECKER DRAPKIN PARTNERS, L.P.
By:   Becker Drapkin Management, L.P., its general partner
  By:   BC Advisors, LLC, its general partner
By:  

/s/ Richard J. Birns

  Name:   Richard J. Birns
  Title:   Attorney-in-Fact
BC ADVISORS, LLC
By:  

/s/ Richard J. Birns

  Name:   Richard J. Birns
  Title:   Attorney-in-Fact
STEVEN R. BECKER
By:  

/s/ Richard J. Birns

  Name:   Richard J. Birns
  Title:   Attorney-in-Fact
MATTHEW A. DRAPKIN
By:  

/s/ Richard J. Birns

  Name:   Richard J. Birns
  Title:   Attorney-in-Fact