Are Dunkin' Brands Officials Selling On Insider Information?
Dunkin' Brands Group Inc. (NASDAQ:DNKN), which owns Dunkin' Donuts and Baskin-Robbins, announced on Friday that the underwritten public offering by some of its stockholders of more than 21 million shares of common stock has commenced.
The previously announced offering has been started by the underwriter to purchasers in at least one transaction on the Nasdaq Global Select Market.
"The selling stockholders will receive all of the net proceeds from this offering," Dunkin’ Brands said in a press release. "No shares are being sold by the company."
Investors gave little response to the announcement, with shares fluctuating but ending down 1 percent at $30.39. However, heavy insider trading was reported to the SEC, suggesting officials with the company may have reason to sell.
Director Jon Luther made eight separate sales on July 26, the largest of which brought in $323,040, when he sold 10,602 shares valued at $30.47 each. But Luther hasn't been the only one to get in on the selling action. In the last three months, Dunkin' Brands insiders have sold $6.67 million, with shares ranging from $29.88 to $35.52 each.
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