Bach sold additional $3 million before 360 warranty extension
It was reported last month that Robbie Bach, current head of Microsoft's Entertainment and Devices unit (which contains both the Xbox and Zune), sold millions in stock during the months leading up to the July announcement that the Xbox 360 warranty had been extended to three years. It was initially reported that Bach sold $6.2 million in stock between May 2nd and the July announcement. Announced today by Dow Jones (via CNN), it looks like Bach actually sold an additional $3 million that went unreported due to "an administrative error."
Microsoft still maintains that the stock transactions, including the recently uncovered $3 million, were in no way related to the warranty announcement. Furthermore, a Microsoft spokesperson claims that the company has "followed the procedures required of late-filers and is now in full compliance." It's worth noting that Microsoft's stock value saw little change after the warranty announcement -- which incurred a loss of over $1 billion to the company -- so Microsoft's claims about Bach's transactions still hold water for the moment.
[Via Joystiq]
