Proof that, gee, CEOs lie? Our CEO tells us that this remains "an inventory correction". I tell my co-workers that he's either lost it, or lying. I believe the latter.
AMCC CEO, lying right in front of the public eye:
bigcharts.com
3:07PM AMCC drops on report of CEO's sales (AMCC) by Michael Baron
Applied Micro Circuits (AMCC) is down $2.19, or 13.3 percent, to $14.31, after the Sunday's editions of The New York Times reported that CEO David Rickey sold 800,000 shares of AMCC stock, roughly 90 percent of his holdings, between July 2000 and March 2 of this year. The article juxtaposed those sales, which were disclosed in filings with the Securities and Exchange Commission, with Rickey's comments on financial news cable channel CNBC on March 2 when he dared investors not to own the stock. Applied Micro Circuits wasn't immediately available for comment. The New York Times said Rickey has sold more than 99 percent of his holdings in the San Diego, Calif., communications chip firm since 1999, making $170 million in the process.
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