Why all founders unload most of their shares last 2 weeks at $69?
I guess you're referring to the secondary offering in which 3,000,000 shares were sold off: 392,500 shares by the Company and 2,607,500 shares by selling shareholders.
Considering that BRCM has 44,110,449 shares outstanding (both Class A and B) and, as per BRCM's latest filing with the SEC:
As of June 30, 1998, the Company's directors and executive officers beneficially owned approximately 53.9% of the outstanding Common Stock and 59.6% of the total voting control of the Company. In particular, as of June 30, 1998, the two founders of the Company, Dr. Henry T. Nicholas, III and Dr. Henry Samueli, beneficially owned an aggregate of approximately 49.5% of the outstanding Common Stock and 54.8% of the total voting control of the Company.
The secondary offering doesn't appear to be a complete divestiture by the founders. IMO, I don't think we got the next IOM here.
Regards,
Pat
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