Unparalleled recent insider stock dumping at SUNW !
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Execs at Sun Micro exercise options
By Matt Andrejczak, CBS.MarketWatch.com
Last Update: 5:22 PM ET Nov 30, 2000
WASHINGTON (CBS.MW) -- Sun Microsystems co-founder and chief scientist Bill Joy pocketed approximately $35 million from the sale of the company's stock in the third-quarter -- an amount that is soon expected to swell.
According to documents filed Wednesday with the Securities and Exchange Commission, Joy filed to sell an additional 150,000 shares of Sun Microsystems (SUNW: news, msgs) valued at roughly $13 million. The shares -- acquired through the exercise of stock options -- were expected to be unloaded this week.
Joy is not the only member of Sun Microsystems' executive team making a bundle on the open market in recent months.
The Palo-Alto, Calif.-based company disclosed in its recent quarterly securities filing in addition to other regulatory documents that:
Director M. Kenneth Oshman sold 400,000 shares worth roughly $48 million;
Executive Vice President Janipieter Scheerder, 466,800 shares, $52 million;
Financial Chief Michael Lehman, 240,000 shares, $37 million; and
Operating Chief Edward Zander, 300,000 shares, $34 million.
The sales all involved the exercise of stock options, which were converted at strike prices in the range of $1.22-to-$25.06 per share.
Shares of Sun Microsystems are off 38 percent from their early September highs amid selling pressure in technology sector.
The stock closed down $3.69 at $76.06 |
