Apple stock option backdating scandal

05-Feb-2017 21:25

All that is necessary for Friedman to receive this payout is the financial engineering and ongoing reduction of share count coupled with even just very slight improvements in RHs business (in fact, whether real or perceived). Friedman did not waste any time in putting his plan into action.Within just two days of that award (on May 4, 2017) RH quickly announced a 0 million share buyback to sharply reduce the share float.There are a variety of announcements that Friedman could be expected to make at (or in advance of) this “”.The most obvious announcement would be that RH would announce the simple approval of the next leg of its ongoing share buyback.Or RH could announce a subsequent reduction of leverage. Friedman could simply reiterate his recent very bullish views on RH’s near term prospects, both in the US and in Europe.Given the 48% short interest in RH and the moderate trading volume, any of these announcements could easily fuel an immediate and very sharp spike in the share price.Moreover, this moderate rise in valuation is arguably not far out of line with the recent improvements in financial results (and outlook) as announced in September.The September announcement alone saw the share price spike 45% in single day.

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Precisely how he achieves this goal is entirely irrelevant.

Each time, these separate announcements have driven the share price sharply higher.

This is how we have gotten from the s to the s in just 8 weeks. In the past, RH has made very visible use of such events to make announcements which then sent the stock sharply higher.

Some were surprised at the buyback because RH’s stock price had already been rising towards the highest prices of the year (then closing in on ).

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Even more surprising (to some) was that within just 50 trading days, RH had announced that it had already , accounting for a significant portion of the daily volume during that time.The shares repurchased by RH were bought at far lower levels and much of these purchases were conducted with cash (not just debt), such that even the comparable rise in enterprise value is also far much lower that this sharp rise in the share price.

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