Providence Capital, a company that specializes in giving shareholder advice, has scheduled a meeting next Wednesday in New York to discuss a number of "value enhancement" issues to Siebel's stock.
"Based on past experience, we'll have at least 30 percent of (shares) represented in the room," Providence President Herbert Denton told Reuters. Providence Capital's affiliate Providence Recovery Partners LP owns less than 1 percent of Siebel stock.
"For Siebel to talk about having a good balance sheet is fine, but to not spend a dime on a single (repurchase) is unacceptable...and when they could be doing something (with the money) to leverage the company's turnaround," he said.
Denton declined to say which other shareholders have issues with Siebel's strategy, but said those investors were likely to be known next week.
Siebel said on Tuesday that delayed customer deals will cause it to, raising analyst concerns about the health of the software sector amid other profit warnings this week.