Shares of flooring company Lumber Liquidators plunged Friday after founder and former CEO Thomas Sullivan decided to opt out of his bid to take the company private.
Thomas Sullivan had upped his ownership of Lumber Liquidators by 30% or 500,000 shares on Sept.4 through his F9 Investments.On Friday, Sullivan sold nearly 80% of his investments, or 1.75 million shares in the stock.plunged Friday after founder and former CEO Thomas Sullivan decided to opt out of his bid to find a buyer for the company, a week after he announced the buyout plan. Sullivan also sold the majority of his stake in the company.
The founder had upped his ownership of Lumber by 30%, or 500,000 shares on Sept. 4 through his F9 Investments, saying he wanted to take the company private or be an investor in a sale of Lumber Liquidators to another related company. The stock jumped nearly 9% that day and 15% in the following session.
But on Friday, Sullivan sold nearly 80% of his investments, or 1.75 million shares in Lumber Liquidators, according to a regulatory filing. The filing states that because the pop in the shares, he no longer believes it is undervalued. Sullivan told Bloomberg News in an interview that he was working on a deal with investment banks, but now would no longer do so because the stock had gotten too high.
Sullivan bought those shares at an average price of $7.88 per share and he sold them with an average price of $11.68 a piece, according to filings. "The Company is aware of Mr. Sullivan's amended 13D filing and does not comment on the intentions or trading activities of shareholders," Lumber Liquidators told CNBC. "Lumber Liquidators encourages an active dialogue with all our shareholders, and we welcome their views and input. The Board is always open to opportunities to increase shareholder value."The company has been volatile over the years.
Indonesia Berita Terbaru, Indonesia Berita utama
Similar News:Anda juga dapat membaca berita serupa dengan ini yang kami kumpulkan dari sumber berita lain.
SmileDirectClub falls 11% in U.S. market debutShares of SmileDirectClub , a teeth alignment company, tumbled 10.7% in their ma...
Baca lebih lajut »
Hear Robbie Robertson Rebuke Doubters With Glen Hansard on ‘Dead End Kid’Robbie Robertson recalls his hardscrabble youth on the new song “Dead End Kid,” featuring Irish singer Glen Hansard
Baca lebih lajut »
Dear Keke Palmer: THIS Is Dick CheneyFor the record, True Jackson was 100% a better Vice President than Dick Cheney!!!
Baca lebih lajut »
Yahoo Japan Takes on Amazon, Rakuten With $3.7 Billion DealYahoo Japan plans to take a 50.1% stake in Japanese online fashion retailer Zozo, while Zozo founder Yusaku Maezawa resigned as CEO to focus on personal ambitions, including traveling into space.
Baca lebih lajut »
WeWork curbs CEO's voting power in bid to boost IPO prospectsWeWork owner The We Company said on Friday it has curbed the voting power of fou...
Baca lebih lajut »
The story behind Only NY, one of New York's favorite indie brandsFounder Micah Belamarich tells i-D about the opening of their Greenpoint store and shares photos of the new fall/winter collection.
Baca lebih lajut »