He sold his stock for about $24/share in August. It closed at $23.08/share on August 17 and is down to $8.63 as of Friday closing, $8.59 in aftermarket trading, still up from $4.43 on July 6th. Whatever made the price go up more than five times between July 6th and August 17th, he may well have played a major role. It’s likely he’s played this game before, with other companies, but this time he was caught.
Apparently he was being sued by the stockholders (suit filed August 23) for pump and dump which cost the stockholders over $1 billion.
Took the cowards way out.