The Head Of The UK’s Biggest Supermarket Sold $300,000 Worth of Shares Right Before It Announced Terrible Sales


[credit provider=”AP”]

Remember earlier this week when the UK’s biggest supermarket chain Tescos announced horrid sales over Christmas and their stock got clobbered?It turns out that Noel “Bob” Robbins, Tesco’s UK chief operating officer, sold 50,000 shares at 404.5p on 4 January, just days before stock dropped 16%.

The Guardian reports that selling the shares at that point pocketed him £47,450 ($75,522) more than if he’d waited a week.

Tesco says that Robbins did not have knowledge of any price-sensitive information at the time of the sale, but it certainly doesn’t look great, does it?

Read more at The Guardian >