Intel CEO sold $24 million worth of shares before Chip Vulnerability
06 Enero, 2018, 01:15 | Author: Enrique Watson
However, given the recent revelation that Intel processors are plagued by a major security flaw that put millions of machines at risk, the timing of the sale has raised suspicions for some that the CEO sold off his stock before the public could learn of the bugs.
Intel CEO Brian Krzanick reportedly sold $24m (£18m) worth of company stock and options in November 2017 after learning about Meltdown and Spectre - the two related major security vulnerabilities that affect almost every Intel chip processor in the world.
While Intel claims that the stock sale was part of a planned divestiture, Krzanich (below, right) put the plan in place only in October, the report said. Such plans are regularly used by company executives to establish automated stock sale calendars, so as to eliminate accusations of insider trading. Krzanich "continues to hold shares in line with corporate guidelines". It closed down $1.59, or 3.4%, to $45.26.Some on Wall Street think that Intel's loss could mean gains for rivals: AMD and Nvidia could use it as a marketing edge. But Intel's own CFO was targeting Intel's stock price hitting $60 per share by 2021, and Krzanich offered his own similarly bullish take in February of 2017.
A report in Business Insider said an Intel representative had told it that Google had informed the processor maker about the flaws - dubbed Meltdown and Spectre - in June 2016.
A representative for the Securities and Exchange Commission declined to comment on whether it was looking into the stock sales. The security researchers at Google Project Zero opened the box of Pandora when they found out about a slew of new vulnerabilities that have impacted every Intel processor shipped over a decade. This is especially true since other Intel stockholders had a nightmare on Wednesday, with more than $11 billion in shareholder value wiped out. Then on the same day, Krzanich made two additional transactions in which he sold a total of 245,743 shares-and this brought his total remaining shares down to exactly 250,000.
October 30, 2017: Krzanich again changes the terms of his Rule 10b5-1 trading plan.
We are calling it fishy because this week we learned about massive security flaw on Intel chips. The shares of Intel witnessed a slight drop ever since the news of security flaw came out in public, it is now being traded at around $44.23.
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