Mel Karmazin, CEO of Sirius Satellite Radio Inc. (NASDAQ: SIRI), has added to his position of company stock. In a show of force to show that he doesn’t want further share erosion or that he believes shares are undervalued, Mel Karmazin made direct market stock purchases today.
According to an SEC Filing, Karmazin acquired 2,000,000 shares on theopen market in what was likely a VWAP trade with an average price of$1.3732 per share. This also notes that he now holds some 8.5 millionshares of direct stock ownership.
This stock closed down almost 5% more to $1.39 today which was actually another 52-week low closing price. Shares have regained about 2% back to $1.42 in after-hours trading.
Jon C. Ogg
August 4, 2008
Want to Retire Early? Start Here (Sponsor)
Want retirement to come a few years earlier than you’d planned? Or are you ready to retire now, but want an extra set of eyes on your finances?
Now you can speak with up to 3 financial experts in your area for FREE. By simply clicking here you can begin to match with financial professionals who can help you build your plan to retire early. And the best part? The first conversation with them is free.
Click here to match with up to 3 financial pros who would be excited to help you make financial decisions.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
