1. Marathon Partners Lays Out Activist Case Against Shutterfly

    Marathon Partners Lays Out Activist Case Against Shutterfly

    Dear Fellow Shutterfly, Inc. (NASDAQ:SFLY) Shareholders: The 2015 Annual Meeting of Shareholders (the "Annual Meeting") of Shutterfly, Inc. ("Shutterfly" or the "Company") is just over a week away. Marathon Partners Equity Management, LLC, together with its affiliates ("Marathon Partners"), is one of the largest shareholders of Shutterfly, an investment we have held for almost seven years. Do not let the Company mislead you -- our interests are directly aligned with yours...

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