The Form 4s look like the CEO is down about $782,000 on the 300,000 shares purchased since early March of this year? That is with current price of 2.92. One can only wonder how many folks followed him into this trade. Of course I could be wrong.
And what is the basis of the lawsuit? That folks were wrong enough to hold on to the stock? It's called a Stop Loss. Trade with it.
Form 4s suggest the CEO has bought 3 times this year. Near 9:38 EDT this morning it looks like that stock basket was down about 42%, or about $700,000. OUCH ! That's got to sting ! In my opinion, he tried to "sting" Sam, but Dubinsky is getting the last laugh.
Just glanced at my spreadsheet showing LG's stock purchases, reported on Form 4, since March 4. It looks to me like his stock basket is down about 37%, as of 14:47 EDT. That's gotta sting ! One has to tip the hat to Sam for his call. Good luck to the longs.
The money has been vaporized, none the less. How it gets vaporized really does not matter to ones portfolio. Nothing really matters except the stock price, which is down about 65% since the close on the day that Goncalves mocked Dubinsky, and has hit Sam's price target dead on. Good Luck to the Longs.
This quote is easily found at several places on the web, including finance yahoo, with a simple search.
On Cliffs' earnings conference call on Oct 28, 2014 CEO Lourenco Goncalves told Wells Fargo analyst Sam Dubinsky that he wouldn't answer Dubinsky's questions because "you already know everything about my company. You have a $4 price target and you think we can't sell assets, so I'm going to take the next question, I'm not going to answer you."
When I was a kid we use to say "he who laughs last laughs the loudest."
Not what I see being reported on Form 4
Mar 4 100,000 at about 6.50
May 21 91,852 at about 5.00
May 26 108,148 at about 5.08
What he knows at this moment, if he's looking, is that he paid about $490,000 too much for the shares.
Quite a while back I posted here that it is just a light bulb. I was told how ignorant I am. What happened? I read here that I just had to have Cree LED bulbs. So why is Cree cutting its capacity in the LED business, and the revenue projections from $420-$440 mil to $375 mil? I already know, and I laugh, that the reply here is going to say that I am still ignorant. Maybe so, but I"m not the one holding CREE this morning as it trades at its lowest level since October 2012. Good Luck to the longs.