- Wells Fargo doesn't contest that it bungled the deal; contests the impact to its client;
- client's name not shared?
- the plan agreed to in December 2019, pre-Covid
- Wells Fargo to sell equal daily tranches of 381,420 shares for one week, beginning January 6, 2020
- priced ~ $46 / share
- to be done in daily tranches to prevent sudden impact of huge sale and drop in sales price
- an employee who had never handled such a large transaction sold 381,420 shares on one day in January and sold no shares at all on three of the planned days
- by early March, OXY: $11 / share
- March 20, 2020, two months after the agreed sale period, Wells Fargo dumped 1.1 million shares in a bulk transaction, driving the company's shares to $9.98
- that kind of price collapse was what the oil company had hoped to avoid through a staged sale that didn't flood the market with shares
- at time of agreed sale: priced at $46
- at time sale took place, OXY had dropped to $11
- nimble, agile? Not found in Wells Fargo lexicon.
On the other hand, due to pre-Covid, OXY dropped from from $46 to $11
- the drop from $11 to $10 seems irrelevant
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