A laid-off Foot Locker employee shorted the stock and made over $100,000, authorities say [Fortune]
Foot Locker, Inc. (FL)
Last foot locker, inc. earnings: 2/28 06:45 am
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US:NYSE Investor Relations:
footlocker-inc.com/investors.cfm?page=investor-relations
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Source: Fortune
In total, authorities said the exec made about $113,000—and now he has to pay it back double, according to a pending settlement deal. Per the Securities and Exchange Commission, Barry Siegel shorted the sneaker and apparel brand's stock twice, once while he still worked as a senior director of order planning and management, and a second time after Foot Locker terminated him in a round of corporate layoffs. Siegel had worked at the company a total of two decades at that point, and authorities said he knew there would be negative sales and inventory data in earnings calls with investors. According to the SEC's complaint, Siegel short-sold 8,000 shares of Foot Locker's stock in May 2023, just two days before the company's first-quarter earnings announcement. Typically, a short sale is a bet that a stock price will fall. An investor borrows shares at the current market price, hopes the stock nosedives, and buys back the same number of shares at the lower price and profits. In Siegel's
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News
- Why Is Foot Locker (FL) Down 15.9% Since Last Earnings Report? [Yahoo! Finance]Yahoo! Finance
- Foot Locker facing short-term headwinds on shortened holiday season, Nike leadership change [Seeking Alpha]Seeking Alpha
- Foot Locker, Inc. (NYSE: FL) had its price target lowered by analysts at Robert W. Baird from $35.00 to $27.00. They now have a "neutral" rating on the stock.MarketBeat
- A laid-off Foot Locker employee shorted the stock and made over $100,000, authorities say [Yahoo! Finance]Yahoo! Finance
- US SEC charges former Foot Locker senior director with insider trading [Yahoo! Finance Canada]Yahoo! Finance Canada
FL
Earnings
- 8/28/24 - Beat
FL
Sec Filings
- 9/11/24 - Form 10-Q
- 8/28/24 - Form 4
- 8/28/24 - Form 8-K
- FL's page on the SEC website