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Article: Cheesecake founder sells as stock hits high. (Up Front).(David Overton divests Cheesecake Factory Inc. stocks)(Brief Article)(Statistical Data Included)
- Article from:
- Los Angeles Business Journal
- Article date:
- May 13, 2002
- Author:
CopyrightCOPYRIGHT 2002 CBJ, L.P. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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David Overton, the 55-year-old co-founder of Cheesecake Factory Inc., has sold 1 million shares of the Calabasas-based company's common stock for $38.15 million.
The sale marks a pattern of increasing sales by insiders at the popular comfort food chain started by Overton and his parents. The sales come when Cheesecake Factory's stock is at its highest levels in the company's history.
Overton's sale, the largest block of stock he has ever sold, was done for estate planning purposes, said Jane Vallaire, senior manager of investor relations.
Overton sold the stock on April 23 for $38.15 a share to unidentified institutional investors. He exercised ...