Menu Foods - CFO Sold Stock Before Pet Food Recall

Menu Foods - CFO sold stock before pet food recall

test.denverpost.com

Toronto - The chief financial officer of Menu Foods sold about half his shares in the company just three weeks before a massive recall of its pet food products, Canadian insider trading reports show.

CFO Mark Wiens sold 14,000 shares for $89,900 on Feb. 26 and Feb. 27. The shares are now worth about $54,000.

"He feels just awful that this link has been made," company spokesman Sam Bornstein said today.

But Bornstein said Wiens faced a restricted window in which he could sell his shares.

(visit the link for the full news article)

Related ATS Threads:
Pet Food Recall Expands;Will human food be next?


[edit on 2007/4/11 by JacKatMtn]

What did he know? and when did he know it?

test.denverpost.com
(visit the link for the full news article)

Mark Wiens said it was a "horrible coincidence" that he dumped half of his shares shortly before this recall started.

Are you buying this one?

Menu Foods stock sold before recall

The chief financial officer (CFO) of Streetsville-based Menu Foods says there was nothing criminal or inappropriate about him selling nearly half of his stock in the company just a few weeks before it announced a pet food recall.
Reports surfaced today that Mark Wiens sold 14,000 units for $102,900 on Feb. 26 and Feb. 27. As of Monday's close of $4.46, the units would be worth $62,440.

Insiders sell stocks for many reasons, it's wrong to accuse him of foreknowledge of the poisoned food without more evidence.

It should be investigated though.

Originally posted by djohnsto77
Insiders sell stocks for many reasons, it's wrong to accuse him of foreknowledge of the poisoned food without more evidence.

It should be investigated though.

Is that Insider trading sarcasm there dj? If not then an insider deal is something to be investigated as well........

[edit on 2007/4/11 by JacKatMtn]

It's nice to see that the CFO has such faith in his company. Guess he doesn't believe in it's future. Contrast this to companies like ENRON who forced lower level employees to hold ENRON stock in 401Ks.

There are time windows that deal with stock reporting that limit sales.

Wonder if his cat or dog died? Maybe he didn't feed his company's product either.

I know I've always had a good nose for when to jump ship before it sank, without knowledge of the impending doom. So it could happen... but I have a hard time believing word of the problem had yet to rise up the ladder.

www.sfgate.com...

Second, the timeline of the recall raised a number of concerns. Although there have been some media reports that Menu Foods started getting complaints as early as December 2006, FDA records state the company received their first report of a food-related pet death on February 20.

One week later, on February 27, Menu started testing the suspect foods. Three days later, on March 3, the first cat in the trial died of acute kidney failure. Three days after that, Menu switched wheat gluten suppliers, and 10 days later, on March 16, recalled the 91 products that contained gluten from their previous source.

[edit on 11-4-2007 by apc]

Interesting coincidence?
FDA records state the company received their first report of a food-related pet death on February 20.

CFO Mark Wiens sold 14,000 shares for $89,900 on Feb. 26 and Feb. 27. The shares are now worth about $54,000.

One week later, on February 27, Menu started testing the suspect foods

Two weeks after the trial cat died until a recall, it only took 3 days to switch gluten suppliers......