Pacific Sunwear CEO Gary Schoenfeld isn’t backing down on his company’s stock. In fact, beginning May 29, 2012 he bought 150,000 more shares “on behalf of his children,” according to a story in the Orange County Business Journal.
The shares—bought starting May 29—were priced between $1.45 and $1.55 each.
All together Schoenfeld and other company directors bought up 300,000 shares and pushed the stock up 10 percent in trading on Monday, June 4, 2012. It’s up to $1.71 now. Just think if they bought a couple million shares? Kids might start actually start shopping at PacSun again. Or maybe that isn’t the way to stock price is tied in. . .
[Link: Orange County Business Journal]
