ICON Plc founders Ronan Lambe and John Climax, as well as chief executive Peter Gray, were blessed with spectacular timing as they sold close to €10m worth of shares in the firm shortly before its shares tanked after a "warning" from the US Food and Drug Administration (FDA).
Giant institutional investor Fidelity was less fortunate, as its FMR company bought 200,000 shares in November.It now holds 8.3 per cent of Icon.
In the last six weeks, shares in the company have fallen nearly 20 per cent .
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1 comment:
FDA staff see 'spectacular timing' all the time.
Sometimes it comes right before bad news is made public.
Sometimes it comes right after an internal analysis with bad news for a company is communicated to management.
Sometimes it comes after FDA managers make inquiries into the reviews a week or so before it's scheduled to be revealed in internal progress reports.
Sometimes it comes right after managers admit to calling the company in question.
Business as usual.
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