I think they are wasting their time with the suit, but this sentence sounded odd..
As 3Com's stock skyrocketed to its all-time high level, the ten 3Com insiders named as defendants sold off 896,000 shares of their 3Com stock at as high as $78-1/8 per share, pocketing $59.3 million in legal insider trading proceeds, while 3Com itself issued (sold) 3.9 million of its shares at $66 per share to acquire OnStream Networks, and defendants attempted, albeit unsuccessfully, to close their ongoing negotiations to have 3Com acquire U.S. Robotics for over $7 billion in 3Com stock. In early Feb. 1997, 3Com's stock began to collapse as rumors circulated that there was severe price-cutting in 3Com's Fast Ethernet Adapter Card market and that 3Com's business was performing much more poorly than had been publicly disclosed.
"...attempted, albeit unsuccessfully, to close their ongoing negotiations." What does that mean? Does it mean they had a lower than 1.75 ratio at one point? Confusing. |
