Guess we should have known this would fall - officers of company sold before dividend
Lots of insiders were cashing in their options and then selling around $31 to $32 just before the $9.50 dividend. Should have realized if they thought it wise to sell, we should have also. Too late now, but need to keep an eye on insider trading.
A drop of $9.50 or so would not have been a surprise, but you are talking about almost half the price. It is, in a way, now a new company. Hard to evaluate the future value, and inflation is hard on restaurants as are recessions. But the fact they gave away all the money just doesn't seem right - why not use it (at least half of it) for more restaurants? Could it have anything to do with the CEO retiring right after the dividend? hmmm