UPDATE: CKE fields letter from shareholder about expenses

NEW YORK Hedge fund Ramius LLC has criticized CKE Restaurants Inc.'s financial strategy in a letter sent Tuesday to the parent of the Hardee's and Carl's Jr. chains. The letter came two days before CKE is scheduled to hold its annual shareholder meeting.

Ramius, which through its affiliates holds a 3.6-percent stake in CKE, urged the restaurant company to cut operating costs and its capital spending plan in order to improve shareholder value.

"We reco

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