Merchant bank, Jaguar Financial, which has investments in Research in Motion (RIM), has called for the Blackberry-maker to put itself up for sale following falling share prices, delayed products and loss of market share.
In an open letter on its website, Jaguar Financial is urging other shareholders to get in contact, to force RIM to make fundamental changes to deliver shareholder value.
Jaguar is calling for RIM to sell the company, offload its patent portfolio or spin out to shareholders as part of a "value maximisation process".
Vic Alboini, chairman and CEO of Jaguar, said: "The status quo is not acceptable, the company cannot sit still. It is time for transformational change. The directors need to seize the reins to maximise shareholder value before more market value is lost."
Alboini said changes need to address falling share prices, product delays, lack of product innovation, its limited mobile application offering, a depleting pool of talent and its disorganised board of directors.
Jaguar also called for RIM's corporate structure to be reorganised, creating a single chairman and CEO rather than shared responsibilities between James Balsillie and Mike Lazaridis.
Alboini called the current structure woefully inadequate, and said: "These issues can easily be determined in seven hours rather than seven months, and the solutions are obvious: one CEO and an independent chairman."
RIM declined to comment.