Elliott Associates has made its intentions clear regarding Epicor Software Corp.

The New York hedge fund disclosed a 5.9% stake in the Irvine, Calif.-based company this week, making it Epicor’s third-largest shareholder. In the filing, Elliott said it “made inquiries of the issuer as to whether they have considered exploring strategic alternatives.”

The hedge fund did not enumerate what alternatives it had in mind, but said it might continue discussions with Epicor or initiate them with other shareholders and third parties.

Epicor recently announced that second-quarter earnings fell by almost 80%. In April, the fund’s shares fell almost 30% after weak first-quarter earnings were announced.