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Wednesday, June 2, 2010

WMG shares plummet

BUNNY NOSEDIVE: Shares of Warner Music plummeted more than 18% Tuesday from $6.07 to $4.96 on extremely heavy trading—volume was 966k, compared to 200-300k on a typical trading day. But why? Digital Music News posits that this hammering appears linked to a trial beginning today in Paris in which former Vivendi CEO Jean-Marie Messier is accused of misleading investors in 2002, while also alleging insider trading on the part of his then-colleague Edgar Bronfman Jr. Bronfman’s lawyers contend that he dumped his shares without knowledge of sensitive company information. This theory seems plausible, but this is no bombshell—the trial has been common knowledge for months, and it’s hard to understand why WMG investors suddenly panicked yesterday. We’re now looking around for other possible explanations… (6/2a)

 
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