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Industry: Email Alert RSS Feed3 Oakley holders file suit against two executives: class action charges insider trading. (Oakley Inc. shareholders)(Brief Article)
Daily News Record, December, 1996 by Young, Vicki M.
NEW YORK (FNS) -- Three Oakley Inc. shareholders filed a class-action suit against its two top executives, alleging insider trading.
The suit, which also named the sunglass manufacturer and the two investment firms -- Merrill Lynch & Co. and Alex Brown & Sons Inc. -- that underwrote Oakley's June 1996 secondary offering, charges the defendants with misrepresenting the state of Oakley's operations.
According to a statement issued by William Lerach of Milberg Weiss Bershad Hynes & Lerach, counsel for the shareholders, chairman Jim Jannard and CEO Mike Parnell took advantage of the public offering; Jannard sold nine million shares and Parnell, one million, at $23.81 per share, adjusted for a two-for-one stock split in October.
Jannard pocketed $205.2...
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