MetroPCS CEO Continues Weekly Share Selloff
For the fourth week in a row, MetroPCS 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.
The article MetroPCS CEO Continues Weekly Share Selloff originally appeared on Fool.com.Fool contributor Dan Radovsky has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
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