Following an article in The Wall Street Journal referencing trading in shares of the Company by Mr. Douglas Bergeron, Chief Executive Officer of the Company, the Company received a subpoena from the Office of the U.S. Attorney for the Southern District of New York seeking information regarding Mr. Bergeron's trading for a specified time frame, as well as a request for information from the Staff of the Securities and Exchange Commission ("SEC"). The Company cooperated with those inquiries, including by providing the U.S. Attorney's Office and the SEC with information in support of the Company's view that Mr. Bergeron's trading was in full compliance with all laws and regulations as well as the Company's insider trading compliance policy.
Based on recent communications, the Company understands that the U.S. Attorney's Office and the SEC have concluded their inquiries. No claim, action or other proceeding was asserted by either authority and the Company believes this matter to be concluded.
Good to hear. The week should end positive as last week was consolidation of recent gains. You seem to be fairly knowledgeable about PAY. Do you have and idea what happened around 1:05?
474k shares traded in a two minute window and the stock went from 34.62 to 33.05. The next two minutes 482k shares traded and it went from 33.09 to 34.56 (Google Finance). Is this related to the enquries?
Probably some junior mm or broker saw the words "SEC" and "inquiry" on the wire and panicked then hit the sell 400k shares button at the market price.
A few minutes later, actually read the article and had to buy it all back quick.
Or sometimes they have these automatic programs that look for words like sec and inquiry and the computer program sells quickly.