And the bulk of that tumble came — as you’ve likely heard — from news that the yoga pants-maker’s CEO is stepping down.
Good thing Chairman Dennis Wilson of the yoga pants-maker sold $50 million worth of stock on Friday … coincidentally, the same day Lulu’s board got the aforementioned news.
Sound sketchy? Well, it’s legal. The sales were made as part of a prearranged trading plan known as a 10b5-1. Such a plan “lets executives buy or sell shares in their own company according to preset conditions even if they have inside information at the time of the sale that could affect the stock price,” according to The Wall Street Journal.
Wilson’s plan was put into place back in December … and specified that he would “sell up to 5.7 million shares over an 18-month period.”
Plus, Friday’s sale — while it was Wilson’s largest — wasn’t his only recent one. He also ditched million of shares in January, May and June.