Investment firm JAT Capital has taken a firm stand against the board of the newly rebranded Bed Bath & Beyond, accusing them of engaging in "poor behavior" and refusing to answer shareholders' questions. The scathing letter, penned by JAT's founder John Thaler, highlights a series of misdeeds including the cancellation of investor conferences and twisting the facts surrounding former CEO Jonathan Johnson's departure.

With a 9.6% stake in the company, JAT Capital has made it clear that its concerns lie in the preservation and enhancement of shareholder value rather than attempting to be an activist fund. In the letter, Thaler expresses frustration at the board's failure to engage constructively with investors, senior management, and the Board of Directors, despite their efforts in suggesting best practices and highlighting actions that appear to be detrimental to shareholder value.

The investment firm's letter comes as Bed Bath & Beyond, formerly known as Overstock.com, undergoes a rebranding effort after acquiring the struggling retailer out of bankruptcy. The company had been grappling with sluggish sales and a declining market cap prior to the rebrand. However, the first-quarter results since the rebrand were mixed, with significant declines in both sales and profits.

JAT Capital recently called for the ouster of former CEO Johnson, and days later, the company announced his departure. However, JAT questioned the removal of Johnson's board seat in the wake of his ouster, suggesting it was an attempt to weaken shareholders' ability to have a say in the company's direction. The firm also accused the board of being disingenuous about Johnson's departure, claiming he had been "fired" rather than voluntarily stepping down as the board had described.

Furthermore, JAT Capital has endorsed Marcus Lemonis, CEO of Camping World and star of CNBC's "The Profit," to take over the management of Bed Bath & Beyond. Lemonis joined the board of Overstock last month and has applauded the company's transition to Beyond Inc. However, JAT expressed concerns that the board had been "suspicious" of Lemonis, keeping him sidelined and rejecting his expertise without substantial justification.

In their letter, JAT Capital called on Bed Bath & Beyond's board to provide answers and more transparency, urging everyone from vendors to sell-side analysts to demand clarification. The firm wants the board to explain the decisions they have made over the last 60 days, which they believe have been to the detriment of the company and its shareholders.

It remains to be seen how Bed Bath & Beyond's board will respond to these allegations and demands for transparency from JAT Capital. Shareholders and industry observers will be closely watching to see if effective communication and a resolution can be reached to address the concerns raised in the letter.

Disclaimer: The information presented in this article is based on the content of the letter written by JAT Capital to Bed Bath & Beyond's board, as well as publicly available information.