Verifone's share has fallen 90% since the end of 2007.
VeriFone Holdings Inc. (Nasdaq: PAY; TASE: PAY) CEO Douglas Bergeron sees the 90% plunge in the company's share price since the end of 2007 as a buy opportunity. In the past few days, he bought 300,000 shares for about $1.2 million at an average price of $4.17 per share. Verifone's share plummeted because of errors in its accounting and the worsening economic climate.
The latest purchases boosted Bergeron's stake in Verifone to 2.2%. Some of the shares were purchased in trust on behalf of Bergeron's family, as he apparently believe that the shares are a good long-term investment to bequeath to hischildren.
Bergeron bought most of the shares through his company DGB Investments Inc. DGB was a member of the consortium that tried to acquire Gilat Satellite Networks Ltd. (Nasdaq: GILT; TASE: GILT) a few months ago. That deal fell through.
Verifone's closed at $4.85 on Nasdaq yesterday. The share rose 12.9% by mid-afternoon on the TASE today to NIS 19.75.
Published by Globes [online], Israel business news - www.globes-online.com - on March 11, 2009
© Copyright of Globes Publisher Itonut (1983) Ltd. 2009