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Get a load of this!!!!

post #1 of 12
Thread Starter 
The CFO of Menu Foods, Mark Wiens, sold about half of his shares in the company three weeks before the poisoned pet food recall was announced, Canadian insider trading reports show.
In Canada's Globe and Mail, Wiens called it a "horrible coincidence."
Here's another horrible coincidence: Menu Foods also waited three weeks after discovering the kitty and doggy deaths before announcing the recall.
Wow, so that means Wiens sold his stocks at the same time the contamination was discovered, but before anyone else knew about it.
post #2 of 12
Yes it is eyebrow raising ... Folks lets keep this nice and cival Ie not IMO stuff
post #3 of 12
Interesting timing. I wonder if it is worthy of investigation by the Canadian stock trading regulatory authorities?
post #4 of 12
Do you have alink for this. I would love to read the whole story.

Nevermind I found it.
http://www.theglobeandmail.com/servl...ery=Mark+Wiens
post #5 of 12
Hmmm I thought they new there was a problem prior to that time?
I wonder what Martha would think of this......
post #6 of 12
I bet the Cdn CSC is going to be all over him about potential insider trading. Interesting times ahead, it seems.
post #7 of 12
Quote:
Originally Posted by Sadie's Mom View Post
I bet the Cdn CSC is going to be all over him about potential insider trading. Interesting times ahead, it seems.
You are absolutely right! Not only was this a despicable delay that endagered people's pets all over the continent - maybe the world. But this would appear to be a classic case of insider trading- and since this man seems to have no heart when it comes to the safety of pets that depended on having healthy food to eat- maybe he will end up paying a huge fine and even serve some jail time. Perhaps working at an animal shelter?
post #8 of 12
Quote:
Originally Posted by himmielove View Post
The CFO of Menu Foods, Mark Wiens, sold about half of his shares in the company three weeks before the poisoned pet food recall was announced, Canadian insider trading reports show.
In Canada's Globe and Mail, Wiens called it a "horrible coincidence."
Here's another horrible coincidence: Menu Foods also waited three weeks after discovering the kitty and doggy deaths before announcing the recall.
Wow, so that means Wiens sold his stocks at the same time the contamination was discovered, but before anyone else knew about it.
Wow that is horrible I could beat the S**t out of those people! Scum and I spit on him! Coincidence my a**! Sorry this furiates me!
post #9 of 12
Quote:
Originally Posted by lnbandcats View Post
You are absolutely right! Not only was this a despicable delay that endagered people's pets all over the continent - maybe the world. But this would appear to be a classic case of insider trading- and since this man seems to have no heart when it comes to the safety of pets that depended on having healthy food to eat- maybe he will end up paying a huge fine and even serve some jail time. Perhaps working at an animal shelter?
OMG, he most certainly should have the pooper scooper job (without a scoop)!
post #10 of 12
This whole thing has everyone ready to lunge at the Menu Foods' executives who are responsible for this terrible situation. We all have a right to be pissed off with them (I often wonder how they can sleep at night....), especially since it was announced today that this whole thing was caused by "human error." Personally, I would like to see: (A) the person responsible for this to be held accountable for this (not just a little slap on the wrist) and (B) I'd love to see the company dissolve after paying all of class action lawsuits its facing. Hhhm, I wonder if any of these people have pets that ate the tainted food? (Probably not, would be my guess)
post #11 of 12
Here's a link to the story from Forbes:

http://www.forbes.com/feeds/ap/2007/...ap3603444.html

I was talking to a friend that is a stock trader and this is a prime target for a SEC examination. What he does pales to what Martha Stewart went to jail for and is clearly insider trading.

I had gotten to a point where I didn't blame Menu, but rather the system in the country that doesn't regulate the pet food industry. This tells me that clearly Menu knew about the implications to their stock price well before the recall went public.

Come now, I've even had to sign an agreement with my company that I couldn't sell my stock at certain times when they share information that could influence the stock price. And I'm a pion at my company!! Every company has a block out period but still.....this is the CFO!!
post #12 of 12
So he says he didn't know about the problem with the pet food when he sold the stock. I find it hard to believe he didn't know *something* was going on that would impact the company negatively. Why would he want to sell a large block of shares if the company was doing well and the stock price stable or increasing? Call me cynical but something still isn't right here. I hope the Canadian authorities investigate this thoroughly.
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