New SEC Filings Reveal How Pfizer’s Execs Made Millions in February

Discussion in 'Pfizer' started by Anonymous, May 17, 2014 at 9:38 PM.

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  1. Anonymous

    Anonymous Guest

    Ian Read, Pfizer's chief executive and public face of the takeover bid, sold $10.6m in shares on 26 February, according to regulatory filings.

    Frank D'Amelio , chief financial officer, sold $8.9m of stock on the same day. Other Pfizer executives offloading shares included:

    Loretta Cangialosi, the firm's principal accounting officer and controller, who sold $3.1m in shares on 3 March.

    Mikael Dolsten, the president of research and development, got rid of $2.1m worth on the same day.

    while Sally Susman, executive vice president of policy, external affairs and communications, sold more than $2.2m-worth.

    At today's Pfizer share price, Mr Read's share sale would have fetched $956,000 less, and Mr Dolsten's would been down by $225,000.

    Pfizer made its first overture to AstraZeneca's board in January, when it proposed talks for a merger. After the British-Swedish drugmaker turn down the offer, Pfizer renewed its advances on 28 April.

    Pfizer executives made millions by cashing in their shares in the US pharmaceutical firm, just weeks before renewing a £63bn bid for AstraZeneca.

    Pfizer made its first overture to AstraZeneca's board in January, when it proposed talks for a merger. After the British-Swedish drugmaker turn down the offer, Pfizer renewed its advances on 28 April.

    Pfizer's share price has fallen by 9% since Read sold his for $31.99 a share in February. Its shares were trading on Friday at around $29.

    Shishir Malde, an expert in finance and accounting at Nottingham Business School, said the share sale was not surprising. Companies bidding for a rival usually see their share price fall, reflecting market scepticism about the success of mergers, he said.

    "The vast majority of mergers and acquisitions are not successful because acquirers tend to be overconfident about how much they need to put into bringing the two companies together," said Malde. "The bigger the animal, the harder it is."

    Academic research has shown that at least 70% of big mergers and acquisitions end in failure, leaving shareholders no better off than before the tieup.

    However, pressure is clearly mounting on Mr Read over the deal back home in the US, where Pfizer's major shareholders have sold hundreds of millions of dollars of its stock this week.

    Bank of New York Mellon alone has sold $392m and FMR has ditched $435m of Pfizer shares according to Bloomberg's share register.
     

  2. Anonymous

    Anonymous Guest

    Corporate officers have a predetermined schedule for exercising stocks. This schedule ensures that they cannot be accused of insider trading, which is essentially what the Op is insinuating. Why would any of them risk years in jail for $1M when they just cashed in $10M? They wouldn't.
     
  3. Anonymous

    Anonymous Guest

    Timely sale, isn't it? Can't change predetermined sale time, but can change time when you go public for AZ. Think about it.
     
  4. Anonymous

    Anonymous Guest

    These Pfuckers are the absolute worse type of criminals. The timing of this deal is absolutely suspect. If they were not registered Obama loving demoncrats the SEC would certainly be investigating. But we know from history and Eric Holders previous actions, that if your part of Obummers inner circle there is zero chance of this happening. These people rape America Ruin the very corporation they are charged with leading, move jobs out of our country all while spewing BS like "straight talk & own it". This isn't hypocritical it's criminal. We work for a corporation that's actions are the exact opposite of our pillars esp Integrity, Respect for people. The ELT drink the cool aid out of fear. Any straight talk is met with walking papers. The transgender men/women that are responsible for our success/ failure wear knee pads from the constant bending over to the legion of attorneys we have hired that prevent us from having any degree of impact with customers. We have turned into a 3 ring circus where the only people benefiting are the very people that are driving our company into the ground. We will buy AZ, we will relocate off shore, we will not pay the very federal taxes needed to pay for all the programs designed to make Americans dependant, we will lose many jobs in the name of efficiency & Ian And his circle jerk of socialist will become even wealthier. This is the new American way. Our coin should read " Bend over & take it.