Webvan Founder Sold Out Right Before Bankruptcy Declaration
from the doesn't-look-good dept
Webvan’s founder and chairman Louis Borders sold 45 million of his 49 million shares in the company a couple of weeks before they shut down. I’m no expert, but that certainly suggests insider trading. Sure, the stock was at six cents at the time, but still. He obviously knew more about what was going on than your everyday shareholder – and he still made out with $2.7 million.