 Investors owning over 40 of the issued and outstanding shares of Leaf Group Ltd. Leaf Group or the Company NYSE: LEAF, today released a detailed letter to the Companys board of directors expressing their concern with the current corporate strategy, management team and lack of corporate governance. The list of signatories to the letter includes Osmium Partners LLC, PEAK6 Investments LLC, Boyle Capital Opportunity Fund, LP, Oak Management Corp., Generation Capital Partners II LP, Generation Partners II LLC, Spectrum Equity Investors V, L.P. and Spectrum Equity Associates V, L.P. together, the Investors and is comprised of several of the Companys largest and longest-standing shareholders. 