Old News, Being Reported Now -- Back In 2020 -- Wells Fargo Bungled An OXY Sale -- August 22, 2022

Link here.

• 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