The lights are on
[Update] A second EA executive, senior vice president and general counsel Stephen Bene, has dropped a number of EA shares. Today, Bene sold derivative securities (vested options) for 25,000 shares at a value of $16.06 ($401,500) and then immediately sold those same shares at a market value of $22.40, for a net gain of $158,500.
Sales of stock by senior corporate officers require immediate disclosures and can be interpreted as a lack of confidence. Both of these came in after the close of business on a Friday, likely to minimize damage to the company with the weekend available as a cooling off period. Share value is very slightly down in after hours trading ($.01 or .04 percent, at a price of $22.47).
In an SEC filing submitted yesterday, EA disclosed that Andrew Wilson has sold the entirety of his stock holdings. This move comes after significant gains in the share value signaled by aggressive projections for fiscal year 2014, including flat operating expenses.
The filing indicates a share price of $21.4245 when Wilson sold, which puts the gross sale of his 32,085 shares at $687,405.08. EA reported earlier this week that 10 percent of its global workforce had been laid off in restructuring efforts. Stock prices were bolstered due to optimistic forward-looking statements and the recent announcement that EA had secured an exclusive multi-year license to produce Star Wars titles.
According to an EA representative, Wilson continues to serve both as the executive vice president of EA Sports and, as of two weeks ago, the lead of the Origin service.
[Source: EA via GameSpot]
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