Log in
Lost password
Become a member for free
Sign up
Sign up
Dynamic quotes 

4-Traders Homepage  >  Equities  >  Toronto Stock Exchange  >  Lululemon Athletica inc.    LULU

News SummaryMost relevantAll newsSector news 

Lululemon Athletica Inc : Lululemon chairman sold stock before CEO's surprise departure

06/12/2013 | 10:24pm US/Eastern

(Reuters) - Yogawear maker Lululemon Athletica Inc's Chairman Dennis "Chip" Wilson sold stock worth $50 million days before shares slumped on the news of Chief Executive Christine Day's surprise departure.

Wilson, who founded the company in 1998 and remains its largest voting shareholder, set up the sales plan in December, the Wall Street Journal reported citing InsiderScore.com, which tracks insider trading and institutional ownership.

Wilson sold 607,545 shares at $81.50 each on Friday, earning $49.5 million, according to a regulatory filing. (http://link.reuters.com/zux78t)

The SEC allows company executives to trade their own stock by using a preset plan known as 10b5-1, even when they have access to private information.

Lululemon shares slumped as much as 15 percent in extended trading on Monday after Day announced her departure plans. The shares dropped about 17 percent on Tuesday amid price target cuts and downgrades by Wall Street analysts.

The maker of high-end, fashionable workout wear had to recall its excessively see-through yoga pants in March, which proved a huge blow.

(Reporting by Garima Goel in Bangalore; Editing by Stephen Coates)

React to this article
11/24 LULULEMON ATHLETICA : Westgate welcomes Italian dining spot; store fills in Gap ..
11/23 LULULEMON ATHLETICA : takes a community, concierge approach to lure in shoppers
11/23 LULULEMON ATHLETICA : Announces Third Quarter Fiscal Year 2015 Earnings Conferen..
11/17 LULULEMON ATHLETICA : Names Gina Warren, Executive Vice President, Culture & Tal..
11/14 LULULEMON ATHLETICA : BRIEF: Yoga apparel retailer opening on Black Friday at Wa..
11/10DJRetailers' Full Aisles May Force Holiday Discounts
11/06 Puma hopeful for 2016, shrugs off report of Kering sale
10/23DJThomas Stemberg, Staples' Co-Founder, Dies at 66
10/21DJLululemon Athletica Names Creative Director
10/21DJLululemon Athletica Names Creative Director
News chart
Full-screen chart
Income Statement Evolution
More Financials