Big Lots CEO Probed by SEC and 3 Hot Stocks Sparking Chatter
Nokia Corp (NYSE:NOK) announces the availability of its Windows-based Lumia 920T handset in China in partnership with the country’s biggest telecom operator, China Mobile Ltd, by the end of this year. Priced at 4599 yuan or about $739, the handset is the first Windows-based handset to run on the TD-SCDMA technical standard in China.
Samsung Electronics (SSNLF.PK) promotes Jay Y. Lee, son of company chairman Lee Kun-hee and currently its COO and President, to vice-chairman in a move that spells out its succession plan for eventual leadership of the company, says Reuters. Lee, aged 44, is promoted just after his father completed 25 years as chairman of Samsung last week. “As vice-chairman, Lee will build on his existing responsibilities and take a broader role in managing Samsung Electronics’ businesses,” said a company statement.
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Philips Electronics (NYSE:PHG), Panasonic Corp (NYSE:PC), Toshiba Corp and Samsung SDI Co figure in a list of seven electronics companies that have been fined €1.47 billion ($1.92 billion) by the European Commission for participating in cartels in TV and computer display tubes over a period of almost 20 years. Said Joaquin Almunia, anti-trust chief for the European Union: “These cartels for cathode-ray tubes are textbook cartels. They feature all the worst kinds of anti-competitive behaviour that are strictly forbidden to companies doing business in Europe.”
The Wall Street Journal reports that the Securities and Exchange Commission is probing Big Lots Inc (NYSE:BIG) Chief Executive Steven Fishman’s sale of stock worth $10 million prior to the company’s announcement of news that caused its stock to plummet. According to the WSJ, Mr Fishman sold the stock on March 20 at an average price of $45. However, on April 23, the stock lost 24% to $34 after the company announced a slowdown in its sales. Shareholders have already filed a suit alleging that they were kept in the dark about the true state of the company’s affairs while company executives dumped shares.