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News > Technology
Bezos stock sale questions
March 9, 2001: 1:58 p.m. ET

SEC reportedly probes Amazon chairman's stock sale ahead of bad news
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NEW YORK (CNNfn) - The Securities and Exchange Commission (SEC) is investigating stock sales by Amazon.com Inc. Chairman Jeffrey Bezos just before the public release of a negative research report about the online retailer, according to a published report Friday.

The New York Times, citing a person close to the matter, said the probe targets stock sales by Bezos in early February.

graphicIn documents filed with the SEC Feb. 2 and Feb. 5, Bezos said he intended to sell 800,000 shares of Amazon worth about $12.2 million. However, the paper said Amazon executives had received an advance copy of a research report from Lehman Brothers a week prior to Bezos' filings.

The Lehman report, which was made public Feb. 6, questioned Amazon's ability to continue operating through 2001.

Amazon spokesman Bill Curry told CNNfn Friday that the company is unaware of any investigation. "If there ever is one, we would   certainly be happy to help in any way we can," he said. graphic

The SEC would neither confirm nor deny and investigation, as per its policy.

The Times said Bezos has sold 375,000 shares of the 800,000 shares covered by the disclosure at $14.69 each. The deadlines for reporting sales of the remaining 425,000 shares have not yet passed.

Curry confirmed that Bezos did sell the 375,000 shares in two separate blocks, one on Feb 2 and the other on Feb 5.

Amazon (AMZN: Research, Estimates) shares were up 31 cents at $12 in afternoon Nasdaq trade Friday. The stock has been trading between $75.25 and $9.59 in the past 52 weeks.  graphic




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