Results tagged “monsanto stock” from PlanetGreen.org

Monsanto Executives Sell Off Company Stock

|
moneyandrun.jpgSomething is evidently astir inside renowned manufacturer of chemical herbicides and purveyor of unconscionable seed contracts Monsanto, judging by the massive sales of company securities by several prominent executives.

Recently, Monsanto CEO Hugh Grant disclosed in an SEC filing that he has sold 149,230 shares of stock at an average price of $116.15 each, raking in a total of 17.3 million dollars from the transaction and lowering his stake in the corporation by roughly twenty-eight percent. Others at Monsanto have also attempted to divest somewhat: vice president Steven Mizell sold off twenty-one percent of his shares for approximately 1.6 million dollars last April, and sales of Monsanto stock by other company officials and employees, in the past three months alone, have exceeded ten million dollars.

Monsanto's financial prospects have been shaky over the course of the past year. Just this week, it was compelled to withdraw from a deal with John Deere providing for the sale of its Precision Planting assets after the Justice Department challenged the acquisition on antitrust grounds. Even before these latest stock sales, the prices of Monsanto securities had fallen considerably since Bayer AG agreed to pay $128 per share in September. There is currently a multi-district class action litigation pending, alleging that Monsanto knowingly falsified scientific data to conceal the cancer-causing properties of its popular herbicide Roundup. Since the filing of this lawsuit, initial steps have been taken by the State of California to label Roundup as a possible human carcinogen. In addition to all these recent developments, Monsanto has engaged for decades in a pattern and practice of deliberate deception as to the extent of its patents on genetically modified agricultural seeds, and the public is slowly becoming aware of this cozenage. It is unknown whether one or all of these factors influenced the extraordinary actions of Grant, Mizell, and other Monsanto employees with detailed knowledge of the corporation's internal affairs. However, their anxiousness to lessen the connection between their personal finances and the fortunes of the company largely speaks for itself.

Tags

Find recent content on the main index or look in the archives to find all content.