I wish to ask that an investigation be opened against the CEO of Vivus, Inc. ticker: VVUS.
Two days ago, Mr. Leland F. Wilson sold over 2.2 million dollars worth of stock in this company. Today, after the market closes, he announces a secondary offering of over 9 million shares. There is no doubt that Mr. Wilson knew of the secondary offering when he sold his shares. Mr. Wilson was also well aware of the effect that a secondary offering would have on the share price. It is my belief, he sold his shares intentionally at the higher price with material knowledge that the share price would drop upon the announcement of the secondary offering. This is a blatant case of insider trading and must be investigated.
Why wouldn't Wilson do that most companies do during a secondary? Offer his shares during the secondary?
Wednesday, September 16, 2009
VVUS Letter to SEC
The actions of the CEO of Vivus, Inc are in my opinion criminal. I have sent an email to the SEC regarding this matter. Hopefully, they will look further into this. Actually, they probably won't, but I've done my part.