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

4-Traders Homepage  >  Equities  >  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.
02/03 LULULEMON ATHLETICA : Change in Directors or Principal Officers (form 8-K)
02/02 LULULEMON ATHLETICA : Chip Wilson Exercises lululemon Board Nomination Right wit..
02/02 LULULEMON ATHLETICA : Kathryn Henry Joins lululemon athletica Board of Directors
01/14DJRetail Sales Conceal Encouraging Detail -- Ahead of the Tape
01/13DJMARKET SNAPSHOT : U.S. Stocks End Higher; Nasdaq Snaps 8-day Losing Streak
01/12 Lululemon and Burlington rise, Alcoa and GameStop slide
01/12 Market's biggest gainers include Lululemon and Burlington, while Alcoa and Ga..
01/12DJMARKET SNAPSHOT : U.S. Stocks End Higher; Nasdaq Snaps 8-day Losing Streak
01/12DJMARKET SNAPSHOT : U.S. Stocks End Higher; Nasdaq Snaps 8-day Losing Streak
01/12DJMARKET SNAPSHOT : U.S. Stocks Struggle To Lift Off As Oil Dips Below $30
Advertisement
News chart
Full-screen chart
Income Statement Evolution
More Financials