Medifast (MED) Chairman's Wife Cashes In Over $1M In Stock
More News related to MED
- Medifast (MED) Reports Q3 EPS of $0.23, Beats by 4c
- Medifast Reports Record Third Quarter 2009 Financial Results
- Trading Radar for 10/29: Exxon (XOM), Motorola (MOT), Waste Management (WM) Report
- Medifast, Inc. to Announce Third Quarter Fiscal Year 2009 Financial Results on Thursday, October 29, 2009
- Medifast, Inc. Named by Forbes as One of 'America's 200 Best Small Companies'
After the close, Medifast Inc. (NYSE: MED) shareholder, Shirley MacDonald, the wife of the Executive Chairman Bradley MacDonald disclosed the sale of 65,000 shares on 6/1 at $10.59, bringing her stake to 290,442 shares.
Yesterday, Mrs. MacDonald disclosed the sale of 40,960 shares on 5/29. Given the two recent sale disclosures, Mrs. MacDonald has unloaded 105,960 shares, or 27% of her holdings, over the past few days. Mrs. MacDonald has cashed in over $1 million from the sales.
The timing of the sale is somewhat alarming given the stock's 131% 3-month run-up and the personal relationship with the Chairman.
In a related note, shares of MED saw some volatile trading earlier today. Shares spiked down 12% early in the session, only to move up to close down only about 5%. Maybe some additional insider selling caused the spike down. Don't be suprised to see more insider filings.
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MED DownGrade
CivilServing on Jun 10, 2009 02:16 PMMedifast (NYSE – MED) downgraded due to insider trades, poor Auditor transparency/conflicts and potential risk that their recent Revenue reporting may be revised down. .This is going to get much worse before it gets better –going down to $5.00 So the Chairman’s household sold a cool Million dollars worth of the stock in the last round – Each share sold under the knowledge of an investigation into MED and its revenue recognition categories. “Brad” has been out posting again, a disclosure and dissemination of inside information in violation of SEC rules prohibiting such “insider” communications. (Whole Foods CEO ring a bell?) Minkow is not going away and appears to have made real headway with the Auditor conflict – (Selling shares or not – owning a brokerage house is the real conflict) I am asking here – does anyone know of an auditor of publicly traded companies, who also owns a Brokerage company too? I can’t find one at all! MED’s miraculous revenue increase last Q, - was mandatory to get MED off the NYSE’s dreaded “Watch List”. This revenue recognition was masterminded by the Chairman and the conflicted Auditor – it may have to be revised…. (What is the NYSE’s internal control doing about this too?)