Why Diamond S Shipping Stock Just Fell 9%
Shares of Diamond S Shipping (NYSE: DSSI) stock struck a reef this morning, falling 9% through 11 a.m. EST after the oil tanker operator announced that some of its insiders are planning to unload a total of nearly 5.4 million shares on the market.
"Funds affiliated with First Reserve" are planning the largest stock sale -- 4 million shares -- with "funds affiliated with WL Ross & Co." unloading 660,870 shares as well. Plus there's an "overallotment" option being granted to the stock sale's underwriters, which could see a further 702,371 shares flood onto the market as early as Nov. 25.
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Source Fool.com
