A trader accidentally sold 5 million of the company chairman’s shares in a classic case of ‘fat-finger’

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  • Li Dongsheng, chairman and founder of TCL Technology Group had to buy back 5 million shares of his own company’s stock due to a fat finger error by one of his traders.
  • Li said the trader erroneously sold them. 
  • The shares were sold at 1:03 pm on Tuesday and Li had to buy them back 2 hours later. 
  • Li said he will donate $44,000 back to the company. 
  • The fat finger episode comes alongside the company’s stock surging in recent days. The stock is up 27% in the last month. 
  • Visit Business Insider’s homepage for more stories.

 The chairman of Chinese electronics company TCL Technology Group said Tuesday a trader erroneously sold 5 million shares from his account in a classic fat-finger mistake. 

A security filing Tuesday showed chairman and founder Li Dongsheng sold five million shares on Tuesday afternoon. The sale took place at 1:03 pm.  He bought them back only two hours later for roughly worth $5.2 million, raking in $21,000, the Wall Street Journal reported Tuesday. 

Li said a trader had earlier input an incorrect stock ticker. “Fat-finger” trades are the result of  human error in hitting a wrong key on a keyboard. Sometimes, their market impact can be massive.

Li said he would donate $44,000 back to the company, which makes LCD panels for television screens. 

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The chairman and founder apologized to his shareholders on Weibo and said it was his own decision to re-purchase the stock. 

The fat finger episode comes at a time when the company’s shares have surged in recent months. The stock is up 50% since the start of the year and 27% in the last month alone. 

The stock was hovering around $0.74 as of 6:40 am. ET. 

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