Maybe Palm exec should have called his broker on the iPhone…
Like any good Silicon Valley executive, Palm (ticker:PALM) CEO and president Edward Colligan had a 10b5-1 trading plan, which set up pre-arranged sales of his stock options. But on August 31, Colligan nixed the plan.
Apparently, his broker didn’t get the message. On Tuesday, the broker sold 7,000 shares. Ooops. Then apparently somebody somewhere figure it out. Because next thing you know, the company scrambled to reverse the trade. In an amended Form 4 filed on Tuesday, the company said Colligan’s 7,000 stock options had been reversed.
Now, if it were just that easy to turn around the rest of the company.
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