In May 2004, WSI conducted a 150-for-one reverse stock split. Its stated purpose was to lower expense by reducing the number of shareholders to below the threshold that imposed public reporting requirements. At the time the transaction was proposed, 664 shareholders, or 72% of investors in the company, each separately held less than 150 shares. In total, these investors held a 2.5% equity (and voting) stake. The board expressed concern that the transaction might be viewed as coercive, but after review and outside consultation, decided the transaction was fair to the affected shareholders.