Pfizer executives cashed in shares weeks before bid for AstraZeneca
|Ian Read, Pfizer chief executive|
In this Blog, under the entry, "http://new-agenda2012.blogspot.co.uk/2014/05/pfizer-astrazeneca-and-tweet-from.html", (New Agenda, 15th May 2014) I cast some doubt on the motivations and ethics of Pfizer in their dealings with the Commons select committee and their proposed takeover of AstraZeneca.
Today, 17th May 2014, the Guardian publishes this story of how Pfizer Executives, Ian Read, chief executive sold $10.6m in shares on 26 February, Frank D'Amelio, chief financial officer, sold $8.9m of stock on the same day and 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. It seems that there is no suggestion of wrongdoing by any of the executives, as, "These sales were within guidelines and during a permissible period. The executives remain in compliance with their stock ownership requirements."
It may well be that these actions are permissible and withing the appropriate guidelines, but for many people I suspect that it leaves a rather unpleasant taste in the mouth.