Amylin Pharmaceuticals (NDAQ: AMLN) shares are trading well off of their 52-week highs after two amid complaints from two activist investors. Billionaire activist Carl Icahn recently nominated his own slate of directors while Eastbourne Capital Management, which owns approximately 12.5% of the company’s shares, followed suit and nominated its own slate to compliment that of Icahn, according to a Schedule 13D/A filing with the SEC.

“We have been a long-term shareholder in Amylin based on our belief that the company has unmatched potential, but we believe this potential has been squandered and has resulted in significant shareholder loss,” said Eastbourne’s Rick Barry. “It is clear that we are not alone in our belief that significant change at the board level is required to ensure that the proper steps are taken to maximize the commercial value of Amylin’s assets.”

The hedge fund noted that Amylin has lost nearly 80% of its market value since its all-time high price on October 5, 2007. Despite this decline and history of disappointing results, however, the fund continues to invest in Amylin because the company’s products could deliver significant shareholder value if managed properly. So, while they have not lost faith in the potential of Amylin’s products and pipeline, they have lost confidence in Amylin’s leadership to execute an operational strategy in the best interest of shareholders.

Clearly, this is a situation worth watching when to large activist investors, including Carl Icahn, get involved to unlock value.