UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D/A

(Rule 13d-101)

INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
TO RULE 13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO
RULE 13d-2(a)

Under the Securities Exchange Act of 1934

(Amendment No. 9)*

LEAF GROUP LTD.
(Name of Issuer)

Common Stock, par value $0.0001
(Title of Class of Securities)

52177G102
(CUSIP Number)

Osmium Partners, LLC
300 Drakes Landing Road, Suite 172
Greenbrae, CA 94904

Attention: John H. Lewis
Telephone: (415) 785-4044
(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

August 31, 2020
(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 that is the subject of this Schedule 13D, and is filing this schedule because of Rule 13d-1(e), 13d-1(f) or 13d-1(g), check the following box [X].

Note. Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See Rule 13d-7(b) for other parties to whom copies are to be sent.

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 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. 52177G102

CUSIP No. 52177G102

CUSIP No. 52177G102

CUSIP No. 52177G102

CUSIP No. 52177G102

CUSIP No. 52177G102

EXPLANATORY NOTE

This Amendment No. 8 (this "Amendment") amends and supplements the Schedule 13D filed with the Securities and Exchange Commission on June 22, 2020, as amended on June 29, 2020, July 13, 2020 (twice), July 16, 2020, July 27, 2020, July 29, 2020, August 13, 2020 and August 17, 2020, by the Reporting Persons (as amended from time to time, the "Schedule 13D") relating to their beneficial ownership in Leaf Group Ltd. (the "Issuer"). Except to the extent set forth in this Amendment, all material information disclosed in the Schedule 13D remains unchanged. Capitalized terms used but not defined in this Amendment have the respective meanings set forth in the Schedule 13D.

ITEM 4. Purpose of Transaction

Item 4 of the Schedule 13D is hereby amended and supplemented to add the following:

On August 31, 2020, the Investors issued a press release commenting on recent media reports. A copy of the press release is attached hereto as Exhibit 10.

ITEM 5. Interest in Securities of the Issuer

Item 5(a) and (b) of the Schedule 13D is hereby amended and restated as follows:

The percentages set forth in this response are based on the 26,861,643 shares of common stock outstanding as of July 27, 2020, as reported by the Issuer in its Quarterly Report on Form 10-Q for the quarter ended June 30, 2020 as filed with the SEC on July 31, 2020.

Based upon information provided to the Reporting Persons by the other Investors, the Investors collectively beneficially own an aggregate of 10,547,342 shares of common stock representing approximately 39.3% of the outstanding shares of common stock of the Issuer.

The filing of this Schedule 13D shall not be construed as an admission that the Reporting Persons are, for purposes of the Exchange Act, the beneficial owners of any of the securities reported herein or that they members of a "group". The Reporting Persons expressly disclaim the existence of, or membership in a "group" within the meaning of Section 13(d)(3) of the Exchange Act and Rule 13d-5(b) thereunder with any of the other Investors, as well as beneficial ownership with respect to any shares of common stock beneficially owned by the other Investors, and neither the filing of this Schedule 13D nor any of its contents shall be deemed to constitute an admission by any Reporting Person that it is the beneficial owner of any of the shares of common stock referred to herein for purposes of Section 13(d) of the Act, or for any other purpose. Each Reporting Person expressly disclaims beneficial ownership with respect to any shares beyond his or its pecuniary interest therein.

(b) Osmium Partners and Mr. Lewis may be deemed to share with the Osmium Fund I, Osmium Fund II, Osmium Fund II and Osmium Fund IV (and not with any third party) the power to vote or direct the vote of and to dispose or direct the disposition of the 552,755 shares of common stock, 226,485 shares of common stock, 265,304 shares of common stock and 697,826 shares of common stock reported herein, respectively.

Item 5(c) of the Schedule 13D is hereby amended and supplemented to add the following:

(c) On August 21, 2020, put options written by Osmium Fund I, Osmium Fund II, Osmium Fund III and Osmium Fund IV for 63,000, 28,000, 39,000 and 40,300 shares of the Issuer's common stock expired in accordance with their terms.

 On August 21, 2020, call options held by Mr. Lewis to purchase 7,700 shares of the Issuer's common stock at a strike price of $2 per share were exercised by Mr. Lewis.

ITEM 7. Material to be Filed as Exhibits.

Item 7 of the Schedule 13D is hereby amended and supplemented to add the following:

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, the undersigned certify that the information set forth in this statement is true, complete and correct.

Dated: August 31, 2020

John H. Lewis
Osmium Partners, LLC
Osmium Capital, LP
Osmium Capital II, LP
Osmium Spartan, LP

Osmium Diamond, LP

By: /s/ John H. Lewis                      
John H. Lewis, for himself and as
Managing Member of Osmium
Partners, LLC, for itself and as
General Partner of Osmium
Capital, LP, Osmium Capital II,
LP and Osmium Spartan, LP

EXHIBIT INDEX

Investor Group Owning Over 40% of Leaf Group Comments on Media Report Confirming that
Company's Strategic Review Was a Sham Process

Sources Cited in Media Report Describe How Leaf Group Failed to Engage in a True, Good Faith Review

Parties Who Have Had or Currently Have Interest in Acquiring All or Parts of Leaf Group May Contact the Investor Group at www.LiberateLeaf.Group

LOS ANGELES, August 31, 2020 - Investors owning more than 40% of Leaf Group Ltd. ("Leaf Group" or the "Company") (NYSE: LEAF), which includes Osmium Partners LLC, PEAK6 Investments LLC, Boyle Capital Opportunity Fund, LP, Oak Management Corp., Generation Capital Partners II LP, Generation Partners II LLC, Spectrum Equity Investors V, L.P. and Spectrum V Investment Managers' Fund, L.P. (together, the "Investor Group"), today issued the following statement commenting on an August 28^th article published on www.CorpGov.com ("Leaf Group's Stubborn Desire to Go it Alone")¹ . 

"This recent media report cites several sources who provide further damning evidence supporting our belief that Leaf Group's 'strategic review' was a sham process. We urge all shareholders to read the full article, but several elements are worth noting here:

• The report cites one potential strategic buyer as indicating that 'the company broke many normal rules of conduct in a sale process, effectively ruling out the possibility of doing a deal of any kind.'
• According to that individual, 'There weren't any chances to meet senior management to discuss details or access to a so-called data room, which normally serves to provide potential buyers with critical information that isn't given to the public.'
• Further, the article cites another person close to the Company as noting that 'Mr. Moriarty has shown a lack of interest in selling parts of the business in the past.'
• According to the article, that person also noted that Mr. Moriarty seemed to conduct himself like a controlling shareholder or imperial CEO despite the fact that Mr. Moriarty owns very little of Leaf Group's outstanding stock.
• The report also reiterates, the so-called 'independent' review of strategic alternatives was led by a director with ties to Mr. Moriarty and who, the Board has now admitted, was not independent.

It is increasingly clear why the 'process did not yield a single offer for the whole company' over 13 months - an inconceivable outcome. Because buyers weren't provided the opportunity to make an informed bid.

In light of these new revelations, we once again call on the Board to allow former directors - two of whom are principals at investment firms that are participants in the Investor Group - to disclose their first-hand observations regarding the strategic alternatives process.

Further, we again urge the Board to immediately terminate Sean Moriarty and refresh the Board with individuals chosen by Leaf Group's shareholders. Given the significant failings and apparent management interference with the strategic alternatives process, we also call upon Leaf's directors to start a new process that will be overseen by an active, refreshed and objective Board. 

We also note that any other party that had or has interest in acquiring all or parts of Leaf Group may contact the Investor Group at www.LiberateLeaf.Group."

About Osmium Partners

We seek to generate strong, risk-adjusted returns by investing in undervalued, small capitalization companies across equity markets. Our Osmium 8 research process is based on eight simple factors involving factors such as balance sheet strength, aligned interests, attractive reinvestment opportunities, a low valuation, and reasonable growth prospects. As engaged owners, we actively discuss corporate strategy and capital structure with management teams and boards of directors. We prefer to conduct these discussions in private, but we will publicly debate important items with all shareholders when appropriate.

^{____________________________________
1} CorpGov, "Leaf Group's Stubborn Desire to Go it Alone," August 28, 2020, https://corpgov.com/leaf-groups-stubborn-desire-to-go-it-alone/ 

About PEAK6

PEAK6 uses technology to find a better way of doing things. The company's first tech-based solution was developed in 1997 to optimize options trading and, over the past two decades, the same formula has been used across a range of industries, asset classes and business stages to consistently deliver superior results. Today, PEAK6 seeks transformational opportunities to provide capital and strategic support to entrepreneurs and forward-thinking businesses, helping to unlock potential and activate what is into what ought to be. PEAK6's core brands include: PEAK6 Capital Management, Apex Clearing, National Flood Services and Evil Geniuses. Learn more at www.PEAK6.com or follow us on LinkedIn.

About Boyle Capital Opportunity Fund

Boyle Capital Opportunity Fund, LP is a value-oriented investment partnership. We manage a focused portfolio of deeply undervalued securities and actively engage with the company's management and board of directors to unlock shareholder value over the long-term.

About Oak Investment Partners

Oak Investment Partners was founded in 1978. Since that time, the firm has invested $9 billion in over 525 companies around the world, earning the trust of entrepreneurs with a senior team that delivers steady guidance, deep domain expertise and a consistent investment philosophy. We are involved in the formation of companies, fund spinouts of operating divisions and technology assets, and provide growth equity to mid- and late-stage private businesses and to public companies through PIPE investments. These companies are concentrated in the five major sectors that fuel the most disruptive growth in our world today: Information Technology, FinTech, Internet and Consumer, Healthcare Services, and Clean Energy.

About Generation Partners

Founded in 1995, Generation Partners provides equity capital to growth companies through buyout and growth equity investments.

About Spectrum Equity

Spectrum Equity is a leading growth equity firm providing capital and strategic support to innovative companies in the information economy. For over 25 years, the firm has partnered with proven entrepreneurs and management teams to build long-term value in market-leading internet, software and information services companies. Representative investments include Ancestry, Bats Global Markets, Definitive Healthcare, GoodRx, Grubhub, Lynda.com, Origami Risk, SurveyMonkey and Verafin. For more information, including a complete list of portfolio investments, visit www.spectrumequity.com.

Media Contacts

Sloane & Company
Dan Zacchei / Joe Germani
dzacchei@sloanepr.com / jgermani@sloanepr.com