The chief financial officer of Menu Foods Income Fund says it's a "horrible coincidence" that he sold nearly half his units in the troubled pet food maker less than three weeks before a massive recall of tainted pet food.
Insider trading reports show that Mark Wiens sold 14,000 units for $102,900 on Feb. 26 and Feb. 27. Those shares would be worth $62,440 today, based on yesterday's close of $4.46 a unit.
That represented 45 per cent of Mr. Wiens's units. After the sale, he still owned 17,193 units and options to purchase 101,812 units, according to insider trading reports.
"It's a horrible coincidence, yes . . ." Mr. Wiens said yesterday.
Read the rest of the article here.
So GREED is the reason my beautiful Whiskers is DEAD!!!! Whiskers died March 9th, 2007 of kidney failure after eating Special Kitty Pouch Cat Food. Menu Foods knew as early as February 20th that their pet food was POISONED, but delayed the recall until March 16th. I guess now we know the reason for the delay in the recall. How many other precious pets died so a CFO could dump shares?
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