NCSoft Executive May Soon Be Prosecuted For Insider Trading
Insider trading of stock in video game companies is nothing new. A Funcom executive was charged with just such a thing around the time of The Secret World's launch -- leading to the government raiding Funcom's offices in Norway -- and now it's an executive at NCSoft who's attracting some unwanted attention from the authorities.
NCSoft Vice President Bae Jae Hyun (referred to as a "former Blade & Soul producer" in some sources) has been referred to prosecutors in South Korea on allegations of insider trading of NCSoft stock. Back in June, Bae sold 8,000 shares of stock the day before it was announced that Lineage M would not have an auction house, an announcement that caused its stock prices to plunge. Yes, really, that's all it takes these days to plunge a company's stock price, it seems.
The joke could be on Bae in more ways than one. As we now know, Lineage M has exploded, sending NCSoft's stock price soaring. Here's a pic of that stock, with the date of Bae's sale highlighted:
Oops.
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Jason Winter is a veteran gaming journalist, he brings a wide range of experience to MMOBomb, including two years with Beckett Media where he served as the editor of the leading gaming magazine Massive Online Gamer. He has also written professionally for several gaming websites.
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Yet, in the chart, I see the "highlight", where the stock was already going down even before the guy sold his stock...
Sounds like NCSoft's gone paranoid and wanting to take out some of their employee because they sold their stock when the stock was already going down instead of taking chances of keeping the stock and hope it don't go down any further.
Also, the "plung"... wasn't even that noticeable... lol (it's tiny compared to before the guy sold his stock)