SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
SCHEDULE 13G/A
(Amendment No. 2)
Landec Corporation
(Name of Issuer)
Common Stock, $0.001 par value
(Title of Class of Securities)
514766104
(CUSIP Number of Class of Securities)
December 31, 2006
(Date of Event which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule
is filed:
|_| RULE 13d-1(b)
|X| RULE 13d-1(c)
|_| RULE 13d-1(d)
CUSIP NO. 514766104 Page 2 of 10
--------------------------------------------------------------------------------
1. NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
Wynnefield Partners Small Cap Value, L.P.
13-3688497
--------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) |_|
(b) |X|
--------------------------------------------------------------------------------
3. SEC USE ONLY
--------------------------------------------------------------------------------
4. CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
--------------------------------------------------------------------------------
5. SOLE VOTING POWER
430,925 Shares
-----------------------------------------------------------------
NUMBER OF 6. SHARED VOTING POWER
SHARES
BENEFICIALLY
OWNED BY -----------------------------------------------------------------
EACH 7. SOLE DISPOSITIVE POWER
REPORTING
PERSON 430,925 Shares
WITH -----------------------------------------------------------------
8. SHARED DISPOSITIVE POWER
--------------------------------------------------------------------------------
9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
430,925 Shares
--------------------------------------------------------------------------------
10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
|_|
--------------------------------------------------------------------------------
11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
1.7% of Common Stock
--------------------------------------------------------------------------------
12. TYPE OF REPORTING PERSON*
PN
--------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP NO. 514766104 Page 3 of 10
--------------------------------------------------------------------------------
1. NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
Wynnefield Partners Small Cap Value, L.P. I
13-3953291
--------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) |_|
(b) |X|
--------------------------------------------------------------------------------
3. SEC USE ONLY
--------------------------------------------------------------------------------
4. CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
--------------------------------------------------------------------------------
5. SOLE VOTING POWER
551,725 Shares
-----------------------------------------------------------------
NUMBER OF 6. SHARED VOTING POWER
SHARES
BENEFICIALLY
OWNED BY -----------------------------------------------------------------
EACH 7. SOLE DISPOSITIVE POWER
REPORTING
PERSON 551,725 Shares
WITH -----------------------------------------------------------------
8. SHARED DISPOSITIVE POWER
--------------------------------------------------------------------------------
9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
551,725 Shares
--------------------------------------------------------------------------------
10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
|_|
--------------------------------------------------------------------------------
11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
2.2% of Common Stock
--------------------------------------------------------------------------------
12. TYPE OF REPORTING PERSON*
PN
--------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP NO. 514766104 Page 4 of 10
--------------------------------------------------------------------------------
1. NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
Wynnefield Small Cap Value Offshore Fund, Ltd.
(No IRS Identification No.)
--------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) |_|
(b) |X|
--------------------------------------------------------------------------------
3. SEC USE ONLY
--------------------------------------------------------------------------------
4. CITIZENSHIP OR PLACE OF ORGANIZATION
Cayman Islands
--------------------------------------------------------------------------------
5. SOLE VOTING POWER
532,750 Shares
-----------------------------------------------------------------
NUMBER OF 6. SHARED VOTING POWER
SHARES
BENEFICIALLY
OWNED BY -----------------------------------------------------------------
EACH 7. SOLE DISPOSITIVE POWER
REPORTING
PERSON 532,750 Shares
WITH -----------------------------------------------------------------
8. SHARED DISPOSITIVE POWER
--------------------------------------------------------------------------------
9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
532,750 Shares
--------------------------------------------------------------------------------
10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
|_|
--------------------------------------------------------------------------------
11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
2.1% of Common Stock
--------------------------------------------------------------------------------
12. TYPE OF REPORTING PERSON*
CO
--------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP NO. 514766104 Page 5 of 10
--------------------------------------------------------------------------------
1. NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
Wynnefield Capital Management, LLC
13-4018186
--------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) |_|
(b) |X|
--------------------------------------------------------------------------------
3. SEC USE ONLY
--------------------------------------------------------------------------------
4. CITIZENSHIP OR PLACE OF ORGANIZATION
New York
--------------------------------------------------------------------------------
5. SOLE VOTING POWER
982,650 Shares(1)
-----------------------------------------------------------------
NUMBER OF 6. SHARED VOTING POWER
SHARES
BENEFICIALLY
OWNED BY -----------------------------------------------------------------
EACH 7. SOLE DISPOSITIVE POWER
REPORTING
PERSON 982,650 Shares(1)
WITH -----------------------------------------------------------------
8. SHARED DISPOSITIVE POWER
--------------------------------------------------------------------------------
9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
982,650 Shares(1)
--------------------------------------------------------------------------------
10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
|_|
--------------------------------------------------------------------------------
11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
3.9% of Common Stock(1)
--------------------------------------------------------------------------------
12. TYPE OF REPORTING PERSON*
OO (Limited Liability Company)
--------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
(1) Wynnefield Capital Management, LLC holds an indirect beneficial interest
in these shares which are directly beneficially owned by Wynnefield
Partners Small Cap Value, L.P. and Wynnefield Partners Small Cap Value,
L.P. I.
CUSIP NO. 514766104 Page 6 of 10
--------------------------------------------------------------------------------
1. NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
Wynnefield Capital, Inc.
(No IRS Identification No.)
--------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) |_|
(b) |X|
--------------------------------------------------------------------------------
3. SEC USE ONLY
--------------------------------------------------------------------------------
4. CITIZENSHIP OR PLACE OF ORGANIZATION
Cayman Islands
--------------------------------------------------------------------------------
5. SOLE VOTING POWER
532,750 Shares(1)
-----------------------------------------------------------------
NUMBER OF 6. SHARED VOTING POWER
SHARES
BENEFICIALLY
OWNED BY -----------------------------------------------------------------
EACH 7. SOLE DISPOSITIVE POWER
REPORTING
PERSON 532,750 Shares(1)
WITH -----------------------------------------------------------------
8. SHARED DISPOSITIVE POWER
--------------------------------------------------------------------------------
9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
532,750 Shares(1)
--------------------------------------------------------------------------------
10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
|_|
--------------------------------------------------------------------------------
11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
2.1% of Common Stock(1)
--------------------------------------------------------------------------------
12. TYPE OF REPORTING PERSON*
CO
--------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
(1) Wynnefield Capital, Inc. holds an indirect beneficial interest in these
shares which are directly beneficially owned by Wynnefield Small Cap Value
Offshore Fund, Ltd.
CUSIP NO. 514766104 Page 7 of 10
--------------------------------------------------------------------------------
1. NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
Channel Partnership II, L.P.
22-3215653
--------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) |_|
(b) |X|
--------------------------------------------------------------------------------
3. SEC USE ONLY
--------------------------------------------------------------------------------
4. CITIZENSHIP OR PLACE OF ORGANIZATION
New York
--------------------------------------------------------------------------------
5. SOLE VOTING POWER
3,000 Shares
-----------------------------------------------------------------
NUMBER OF 6. SHARED VOTING POWER
SHARES
BENEFICIALLY
OWNED BY -----------------------------------------------------------------
EACH 7. SOLE DISPOSITIVE POWER
REPORTING
PERSON 3,000 Shares
WITH -----------------------------------------------------------------
8. SHARED DISPOSITIVE POWER
--------------------------------------------------------------------------------
9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
3,000 Shares
--------------------------------------------------------------------------------
10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
|_|
--------------------------------------------------------------------------------
11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
0% of Common Stock
--------------------------------------------------------------------------------
12. TYPE OF REPORTING PERSON*
PN
--------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
ITEM 1(a). Name of Issuer:
Landec Corporation
ITEM 1(b). Address of Issuer's Principal Executive Offices:
3603 Haven Ave., Menlo Park, CA 94025
ITEM 2(a). Names of Persons Filing:
Wynnefield Partners Small Cap Value, L.P. ("Partners")
Wynnefield Partners Small Cap Value, L.P. I ("Partners I")
Wynnefield Small Cap Value Offshore Fund, Ltd. ("Fund")
Wynnefield Capital Management, LLC ("WCM")
Wynnefield Capital, Inc. ("WCI")
Channel Partnership II, L.P. ("Channel")
ITEM 2(b). Address of Principal Business Office Or, If None, Residence:
450 Seventh Avenue, Suite 509, New York, New York 10123
ITEM 2(c). Citizenship:
Partners and Partners I are Delaware Limited Partnerships
Fund and WCI are Cayman Islands Companies
WCM is a New York Limited Liability Company
Channel is a New York Limited Partnership
ITEM 2(d). Title of Class of Securities:
Common Stock, $.001 Par Value Per Share
ITEM 2(e). CUSIP Number: 514766104
ITEM 3. If this Statement is filed pursuant to Rules 13d-1(b) or 13d-2(b) or
(c), check whether the person filing is:
None of the reporting persons is an entity specified in Rule
13d-1(b)(1)(ii).
ITEM 4. Ownership:
(a) Amount beneficially owned by all reporting persons: 1,518,400 Shares
(b) Percent of class: 6.0% of Common Stock
(c) Number of shares as to which the reporting persons have:
(i) sole power to vote or to direct the vote:
1,518,400 Shares
(ii) shared power to vote or to direct the vote
(iii) sole power to dispose or to direct the disposition:
1,518,400 Shares
(iv) shared power to dispose or to direct the disposition
ITEM 5. Ownership of five percent or less of a class.
Not applicable.
ITEM 6. Ownership of more than five percent on behalf of another person.
Not applicable.
ITEM 7. Identification and classification of the subsidiary which acquired
the security being reported on by the parent holding company.
Not applicable.
ITEM 8. Identification and classification of members of the group.
None of the reporting persons who have filed this schedule is a
person, as defined in Rule 13d-1(b)(1)(ii), promulgated pursuant to
the Securities Exchange Act of 1934.
ITEM 9. Notice of dissolution of group.
Not applicable.
ITEM 10. Certifications.
By signing below I certify that, to the best of my knowledge and belief, the
securities referred to above were not acquired and are not held for the purpose
of or with the effect of changing or influencing the control of the issuer of
the securities and were not acquired and are not held in connection or as a
participant in any transaction having that purpose or effect.
Dated: February 14, 2007
WYNNEFIELD PARTNERS SMALL CAP VALUE, L.P.
By: Wynnefield Capital Management, LLC,
General Partner
By: /s/ Nelson Obus
----------------------------------------
Nelson Obus, Managing Member
WYNNEFIELD PARTNERS SMALL CAP VALUE, L.P. I
By: Wynnefield Capital Management, LLC,
General Partner
By: /s/ Nelson Obus
----------------------------------------
Nelson Obus, Managing Member
WYNNEFIELD SMALL CAP VALUE OFFSHORE FUND, LTD
By: Wynnefield Capital Management, LLC,
By: /s/ Nelson Obus
----------------------------------------
Nelson Obus, President
WYNNEFIELD CAPITAL MANAGEMENT, LLC
By: /s/ Nelson Obus
--------------------------------------------
Nelson Obus, Managing Member
WYNNEFIELD CAPITAL, INC
By: /s/ Nelson Obus
--------------------------------------------
Nelson Obus, President
CHANNEL PARTNERSHIP II, L.P.
By: /s/ Nelson Obus
--------------------------------------------
Nelson Obus, General Partner
/s/ Nelson Obus
------------------------------------------------
Nelson Obus, Individually