Senior executives at Super Micro Computer Inc. sold their shares before the stock price crashed.
1min read Several executives at super micro computer sold millions of dollars worth of stock in the company before its share price plummeted. Senior Vice President Sara Liu and George Kao sold shares on February 26, the same day the company's stock soared after it filed a delayed 10-K annual report. The report detailed Super Micro's fiscal year 2024 performance through June 30, 2024, and the audit firm BDO said the financial statements "fairly present in all material respects the financial condition of the Company" during that period. super micro had faced a Nasdaq warning of delisting for failing to file the report on time.
The good news spurred investors to push Super Micro's stock higher on February 26, closing up 12%. However, the stock plunged 16% the next day and continued to slide in the days that followed, as Nvidia's earnings report raised concerns about the future of artificial intelligence.
Liu sold 46,293 shares from her personal account on February 26, worth $2.3 million at an average price of $50.17. She received 2,040 restricted shares on February 27, which will vest on July 1. The sale was not made under a 10b5-1 trading plan.
Kao sold 71,720 shares on February 26, worth $3.6 million at an average price of $50.48. He currently holds 19,449 shares in his personal account. He also received 2,412 restricted shares on February 27, which will vest on July 1.