On September 25, 2020, Boyle Capital Opportunity Fund, LP issued a statement regarding Leaf Group Ltd.’s 8-K filing indicating that Chairman James R. Quandt resigned from the Board of Directors on September 21, 2020. Boyle Capital stated that 5 Out of 9 Company’s Non-Executive Directors have resigned in the last 5 months, while remaining directors ignore shareholders’ publicly expressed desires. Boyle Capital added that it believes these departures reflect rapidly shrinking support for CEO Sean Moriarty and his standalone plan for the Company. Boyle Capital warned remaining board members not to attempt to fill board vacancies without shareholder input.