Westell Buys One Million Shares; Did Someone See This Coming?

$61 million (market cap) broadband modem-maker Westell Technologies (WSTL) this evening reported that since July 28, the company has purchased 963,481 of its shares on the open market, about 2 percent of its float of 41.8 million shares. The company also said its interim CEO, Bernard Sergesketter, purchased 100,000 shares on his own in that period. That was an additional 40,000 shares on top of the 60,000 the company announced Aug. 12 that Sergesketter had already purchased.

Wonder if someone knew something? The shares were up almost 5 percent today at 86 cents prior to tonight’s release.

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