Dive Summary:
- Almost two weeks after William Ackman resigned from JC Penney's board, Penney has filed a prospectus revealing that Ackman's firm, Pershing Square Capital Management, intends to sell its 39.1 million shares in the retail company.
- Pershing will sell 39.1 shares in Penney, possibly taking a loss of nearly half a million dollars.
- The sale would mark the end of a divisive era at Penney where Ackman pushed to get Ron Johnson into the CEO seat at Penney, only to see the company struggle and oust the former Apple Inc. retail head.
From the article:
... The stock sale came six days after the retailer announced its latest quarterly earnings. Under an agreement with Penney’s board, Mr. Ackman could not begin disposing his stake until then because he still possessed some material information about the company’s finances. ...
