Periodically Apple's top managers (like those of any other company, IT or otherwise) replenish their bank accounts by selling parts of the stock options that are given to them by the company for which they work and, as the law dictates, they make public communication.
The last time it happened between April 22 and May 31, when Fred Anderson, Timothy Cook, Nancy Heiden, Peter Oppenheimer, Sina Tamaddon and Avie Tevanian, all together, sold AAPL for about one million shares, or 0, 29% of the total on the market.We don't know the exact value they got, given the daily fluctuation, but by making an average you can imagine that the average price may have been around $ 24 each.
Not bad, given that these days an AAPL is trading at around $ 17, after the “ruzzolone” determined a little by the profit warning of June 18, a bit by a weak market and hit by a sales crisis but also by credibility for a series of maneuvers that are not very clear on the financial statements of some companies.
In this understandable context that someone may have raised the antennas in the face of the sales of the Apple managers who came less than three weeks before the profit warning, that massive sale. The suspicion that in Cupertino there was the feeling that something was going wrong and that in order to achieve as much as possible the managers had decided to put part of their capital on the market. This maneuver would obviously not be legal and punished by the SEC which now appears to be intending to investigate the case more thoroughly.
Specifically, Martin Friedman of Friedman, Billings, Ramsey & Co. and Lon Gerber of Thomson Financial raised the fuss, expressing all their suspicions about the timing of the operation.
It must also be said that Fred Anderson, Apple's CFO, wasted no time in rejecting the suspicions forcefully: "I can assure that no manager has exercised the rights on the shares knowing that Apple would not have reached the quarterly forecasts".
Someone remembers that already in August two years ago Nancy Heiden, Jon Rubinstein, Sina Tamaddon and Avie Tevanian liquidated 370,000 shares just before the Apple tax report which ended with 10% less than expected for the quarterly turnover and a consequent fall in the value of the Nasdaq stock by over 50%. The four managers are still involved today in a legal proceeding related to that fact.