Red Mountain Capital Partners LLC sent a letter to the board of Deckers Outdoor pushing for a sale of the company.

The investment firm, with a 3.3 percent stake in Deckers, said the stock has underperformed across all major indices over the past three to five years.

“This underperformance has been driven largely by management’s consistently poor capital allocation decisions,” Red Mountain’s Managing Partner Willem Mesdag said, according to a Reuters report.

The letter came nearly two months after Marcato Capital Management LP, which acquired a 6 percent stake in Deckers, said it intended to engage in discussions with directors and officers of Deckers Brands about “strategic alternatives,” including a potential sale of the company or “businesses or assets.”

Photo courtesy Teva