Nbadan
04-10-2007, 08:56 PM
The chief financial officer of Menu Foods Income Fund says it was a "horrible coincidence" that he sold nearly half his units in the pet food company less than three weeks before a massive product recall.
Insider trading reports confirm that Mark Wiens sold 14,000 units, or 45 per cent of his stock, for $102,900 on Feb. 26 and Feb. 27, reports The Globe and Mail. The shares would be worth $62,440 at current prices.
Linky (http://www.ctv.ca/servlet/ArticleNews/story/CTVNews/20070410/menu_foods_070410/20070410?hub=TopStories)
He sold it as soon as his test cats started dying: Menu Foods knew as early as December that there was a problem but didn't test their foods until Feb. 20-28, whereupon 1 in 10 of their test animals died after eating the food. Menu Foods did not announce the recall until this past Friday.
Insider trading reports confirm that Mark Wiens sold 14,000 units, or 45 per cent of his stock, for $102,900 on Feb. 26 and Feb. 27, reports The Globe and Mail. The shares would be worth $62,440 at current prices.
Linky (http://www.ctv.ca/servlet/ArticleNews/story/CTVNews/20070410/menu_foods_070410/20070410?hub=TopStories)
He sold it as soon as his test cats started dying: Menu Foods knew as early as December that there was a problem but didn't test their foods until Feb. 20-28, whereupon 1 in 10 of their test animals died after eating the food. Menu Foods did not announce the recall until this past Friday.