Yes, reverse stock split prior to IPO and it was 2-1 split. Employees' options were cut in half with a much higher strike price. So high that it is highly doubtful that any rank & file employee will ever make any significant profit. Folks like Steve and Hugh of-course can make money even as the stock tanks. Sadly for PACB, many are leaving beacause of poor management and many empty promises. Maybe as an invester you don't care but think about it, do you want to be given the run around like employees were/are? Internal problems will hurt the company sooner or later. PACB will be up for sale eventually and folks like Steve and Hugh will profit and the folks that should have reaped the benifits will have zilch.
Who said he "has" to sell? If he really believed in his product or saw his dream comming to fruition, then why would he sell at the price he did? Is it possible he's done quite well (financially speaking) with this company, and selling his stock was just gravy on top of the potatoes? My question would be why did he sell now? What does he know that the private investor doesn't? It doesn't look good, that's all I know.
Did he sell all of his shares? Do we even know this for sure? Not doubting the story, just not one to believe internet rumors either.
You don't have to doubt the selling, it's public information; check Yahoo Finance
Jul 6, 2011 TURNER STEPHEN WOfficer 30,000 Indirect Automatic Sale at $12.07 per share. 362,100 Jul 5, 2011 TURNER STEPHEN WOfficer 37,400 Indirect Automatic Sale at $12.03 per share. 449,922 Jul 1, 2011 TURNER STEPHEN WOfficer 500 Indirect Automatic Sale at $12 per share. 6,000
It's automatic selling so he just got stuck with a bad price; only about 10% of what he has now...doubt he would sell unless he's finally buying a house after more than 10 years of renting; I mean it's not a bad time to buy real estate in the bay area?!
PacB is getting sued.And from the looks of it they will lose.It's referred to as "First Mover Advantage".Hugh Martin shot himself in the ass about a year or so ago quoting at an AGBT convention that Helicos "Has become irrelevant".Well.. guess waht?I suggest you folks better start doing your homework.Riken..MDGrape4..CapCage..Phantom5..and the list goes on.Comical to a certain degree.