On May 22, activist investor firms Hestia Capital Partners and Permit Capital Enterprise Fund said that GameStop had squandered $2.5 billion of shareholder value in two years while saddling the balance sheet with an unmanageable debt load. The company fired back with a letter to shareholders, describing the activist investor complaints as "founded on baseless claims and significant misrepresentation of facts." GameStop's stock fell another 9% between the investor complaint and the end of the month.