that is not true. there was a reporting error. he actually picked up more shares.
Neogen: Clerical Error Creates False Impression
LANSING, Mich., Feb. 22 /PRNewswire/ -- Neogen Corporation (Nasdaq: NEOG - news) announced today that a clerical error in a filing with the Securities and Exchange Commission created the false impression that Neogen President James Herbert was attempting to sell a large number of shares of company common stock. No such sale of the magnitude reported was initiated by Herbert.
Herbert's Form 144 filing with the SEC should have proposed to sell 20,200 shares of Neogen common stock to generate $260,000 in cash. With the cash, Herbert exercised his options on 36,100 shares of company stock set to expire.
The form filed with the SEC mistakenly stated that Herbert proposed to sell 200,200 shares of common to generate $260,000 in cash. An amended Form 144 has been filed with the SEC, but has yet to be posted.
``With the transaction, I am actually increasing my holdings in Neogen by about 16,000 shares,'' Herbert said. ``I have total confidence in Neogen's future, and am increasing my personal stake in Neogen's continuing success.''
With the additional 16,000 shares, Herbert owns about 400,000 shares of Neogen's approximately 5.7 million shares of common stock.
Neogen Corporation develops and markets products and services dedicated to food and animal safety. The Company's Food Safety Division markets diagnostic test kits to detect foodborne bacteria, natural toxins, genetic modifications, food allergens, drug residues, plant diseases and sanitation concerns. Neogen's Animal Safety Division markets a complete line of diagnostics, veterinary instruments, veterinary pharmaceuticals, nutritional supplements and wound care products.
Certain portions of this news release that do not relate to historical financial information constitute forward-looking statements. These forward- looking statements are subject to certain risks and uncertainties. Actual future results and trends may differ materially from historical results or those expected depending on a variety of factors listed in Management's Discussion and Analysis of Financial Condition and Results of Operations in the Company's most recently filed Form 10-K.
SOURCE: Neogen Corporation |
