Dale: This was posted from AOL's Motley Fool Vivus Board.
Good investing!
BigKNY3
______________________
Subject: Law Suit Info
Date: Sat, Mar 14, 1998 14:40 EST
From: ROOFBB
Message-id: <19980314194001.OAA14325@ladder01.news.aol.com>
As you are aware, there are 4 law firms (so far) currently in process of class action law suits against Vivus. These are separate actions, different plaintiffs. I called two of them, and was sent (overnight no less) letters, copies of the suits, and a form to submit should I wish to be included as one of the plaintiffs. They make for very interesting reading, and I suggest anyone interested request a
copy. One of them is 52 pages, one 53. One details the complaint as "violation of the Securities Exchange Act of 1934", the other as "violation of California Corporations Code 25400 and 25500; California Civil Code 1709-1710; and California Business and Professions Code 17200".
Defendants are Vivus Inc., Leland Wilson, Virgil Place, David Yntema, Julian Gangolli, Samuel Colella, Richard Casey, Peter Hutt, William Smith, and Neil Gesundheit, all of whom sold stock from July 1997 thru Nov 1997 (and Does 1-25 inclusive) . The least amount received was $214,000 (for 8000 shares at $26.75). The biggest winner was Yntema (VP Finance and Chief Financial Officer) who sold a total of 60,000 shares (10,000 of them on
Nov 21)- proceeds $1,836,600!
Second biggest was Gangolli (VP Marketing) who sold a total of 50,240 shares ($1,307,398) - the most interesting thing about his sales was the dates of sale - most of it was sold in late November, which as you will recall was just shortly before the announcement on December 10. Gangolli was clever, he sold in 5 separate blocks on November 21 (500, 9,500, 3,900, 6,000 and 15,000 shares), and one block of 10,000 the day before.
During November, insiders sold a total of 70,240 shares for a total of $1.7 million.
Wilson `only' sold a total of 30,000 shares, price per share ranging from $29.75 to $31.00 - all in July (14, 15 &16th) - proceeds - $904,595.
The grand total for all? - 235,073 shares, proceeds - $6,794,013!
Comments anyone? |
