Boston says worst is over with automatic share sell-off
This article was originally published in Clinica
Boston Scientific saw its share price hit a 52-week low on Friday (October 10) as heavy trading of its stock continued through to the end of the week. A significant portion of the trading was due to the automatic sales of shares owned by the company's co-founders Pete Nicholas and John Abele, and was not a reflection of the company's performance, Boston has stressed. The involuntary sell-off was triggered by recent events, including the bankruptcy of Lehman brothers, caused by the turbulent financial markets. As of the close of market on Friday, around 31 million shares in aggregate has been sold last week through the automatic sell-off. Boston said that they may be additional involuntary selling of the co-founders shares over the next several weeks, but it believes the majority of these sales has already occurred. Boston's share price sunk as low as $6.34 on Friday, before rebounding a little to close at $7.31.