This study investigates the effects of information asymmetry on shareholder participation. We find that a drop in analyst coverage following brokerage house closures and mergers is associated with an increase in the number of shareholder proposals. This effect is more pronounced for firms with low analyst coverage, weak corporate governance, and low profitability. Furthermore, we observe a rise in the number of no-action letter (NAL) requests to the SEC, suggesting an increase in the number of proposals that management regards as disruptive. We also find an increase in NAL grants by the SEC, indicating that management requests are more likely to receive support from the SEC following a decline in analyst coverage. Finally, proposals submitted by individual proponents, but not institutions, increase. Overall, our findings suggest that information asymmetry encourages disruptive shareholder participation, providing a mechanism through which information asymmetry reduces corporate value.