MetroPCS CEO Continues Weekly Share Selloff

For the fourth week in a row, MetroPCS (NYSE: TMUS  ) Chairman and CEO Roger Linquist has reported selling at least 100,000 shares of his company's stock.

The most recent SEC filing, reporting a 100,000-share sale, was dated yesterday, the same day that MetroPCS received approval from the Federal Communications Commission for its merger with T-Mobile USA. A shareholder vote on the merger is set for April 12, when the deal could be derailed by opposition shareholders.

Just ahead of the FCC giving the go-ahead for the merger, MetroPCS sent a letter to stockholders urging them to ignore attempts to dissuade them from voting for the transaction. The letter was signed by Linquist, who still has direct control of more than 3.8 million shares and indirect control of 1.3 million.

If MetroPCS prevails in getting stockholder approval, it still has to get the Committee on Foreign Investment to sign off on the merger as T-Mobile is a subsidiary of German company Deutsche Telekom.

Including the most recently reported sale of 100,000 shares, Linquist has sold about 408,000 shares since mid-February.

link


Read/Post Comments (1) | Recommend This Article (0)

Comments from our Foolish Readers

Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment Report this Comment icon found on every comment.

  • Report this Comment On March 13, 2013, at 2:29 PM, JohnnySunkel wrote:

    I'd get rid of as much of that stock as fast as I could too if I were him. PCS is a dog. Of the 8 stocks in the S&P 500 Telecommunications Services sector I have it ranked a distant 8th.

    For the record, I think CCI is the best stock in the sector.

    That's just my (respectful) $0.02.

Add your comment.

Sponsored Links

Leaked: Apple's Next Smart Device
(Warning, it may shock you)
The secret is out... experts are predicting 458 million of these types of devices will be sold per year. 1 hyper-growth company stands to rake in maximum profit - and it's NOT Apple. Show me Apple's new smart gizmo!

DocumentId: 2310687, ~/Articles/ArticleHandler.aspx, 8/30/2014 2:22:39 AM

Report This Comment

Use this area to report a comment that you believe is in violation of the community guidelines. Our team will review the entry and take any appropriate action.

Sending report...


Advertisement