Log in
Login
Password
Remember
Lost password
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 

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

SummaryChartsNewsAnalysisCalendarCompanyFinancialsConsensusRevisions 
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
Latest news on LULULEMON ATHLETICA INC.
09/03 LULULEMON ATHLETICA : Announces Participation in the Stifel 2015 Consumer Confer..
08/26 LULULEMON ATHLETICA : Announces Second Quarter Fiscal Year 2015 Earnings Confere..
08/21 LULULEMON ATHLETICA : Blog: Local Lululemon needs you and around 2,000 others to..
08/06 LULULEMON ATHLETICA : BRIEF: Lululemon family opens Kit and Ace store in Portlan..
08/04 LULULEMON ATHLETICA : Blog: Local Lululemon needs you and around 2,000 others to..
07/30DJSoulCycle Files to Go Public -- 3rd Update
07/30DJSoulCycle Files to Go Public -- 3rd Update
07/30DJSoulCycle Files to Go Public
07/25 LULULEMON ATHLETICA : Yoga apparel retailer Lululemon 'a good fit' for Warehouse..
07/24 LULULEMON ATHLETICA : BRIEF: Lululemon coming to Warehouse Row in downtown Chatt..
Advertisement
Chart
Duration : Period :
Lululemon Athletica inc. Technical Analysis Chart | LULU | US5500211090 | 4-Traders
Income Statement Evolution
More Financials