Adams Golf (ADGF) has been discussed a few times on this site. Usually this happens when it trades at a large discount to its net current assets, and when it subsequently appreciates. One long-term investor (and by today's standards, a three-year investment would be considered "long-term"), grew increasingly frustrated by the company's compensation practices, and managed to do something about it!
Individual investor Jay Schembs wrote to the company's largest shareholders and pointed out that existing shareholders are getting diluted through option issuances for management, even though no shareholder value is being created at the company. Schembs makes the important point that measuring success through revenue and EBITDA doesn't make a whole lot of sense; more important metrics such as profits and returns on capital that exceed the cost of capital appear to be ignored at Adams Golf.
Shortly after receiving the letter, shareholders comprising 33% of the company's shares released a statement that they will oppose the CEO in his quest for a Board seat, and that they may make some other proposals at the meeting.
The full story, including Schembs' original letter, is available at Greenbackd.
Disclosure: No position