- KLA Corporation insiders disclosed over $64 million in stock sales as shares slid 40% from the June 30 all-time high
- President Richard Wallace led the selling at $17.4 million, followed by CFO Bren Higgins at $13.9 million
- No insiders made any open market purchases during the decline, which erased $160 billion in market capitalization
KLA Corporation insiders sold over $64 million worth of stock as the AI semiconductor company’s shares tumbled 40% from their June 30 all-time high, wiping out $160 billion in market cap. The stock peaked at $307.37 on June 30 and closed at $183.77 yesterday, reducing a $10,000 investment made at the peak to less than $6,000.
President Richard Wallace led the selling with $17.4 million in disposals, while CFO Bren Higgins sold $13.9 million. Executive Vice President Brian Lorig and Officer Mary Beth Wilkinson each sold more than $12 million, with President of Semiconductor Products Ahmad Khan selling $6.6 million and Senior Vice President Virendra Kirloskar selling $1.8 million.
The vast majority of these transactions carried a Rule 10b5-1 representation, which provides a defense to insider trading liability when trading plans are established in advance. Consequently, these filings do not prove insiders foresaw the price decline.
However, the complete absence of open market purchases during the 40% slide may leave some investors uncomfortable. The most recent insider filing reached the SEC on August 14, covering an August 13 sale, and later trades may not yet have appeared in the EDGAR system.
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