WASHINGTON, March 22, 2018 /PRNewswire/ -- Lanny J. Davis, attorney for Versata Inc, a Texas-based software company, released another in a series of podcasts concerning Ford Motor Corp.—this one educating investors and the general public on the details of the Versata case, specifically the selling of Ford shares by executives as reported by the SEC.
Davis cited the sales by three top Ford executives in the last two years of Ford shares, according to public SEC reports that can be found online:
--James D. Farley, who sold about $1 million of Ford stock while serving as a member of the Ford "EPIC" committee, which supervised the creation of substitute software that Ford does not dispute included a group of software engineers who had access to the trade secrets behind Versata's software previously used by Ford;
--William Clay Ford, Jr., who sold $4.7 million of Ford stock just a few weeks ago – on March 2018;
--Former Ford CEO Mark Fields, who was fired in May 2017, who sold almost $10 million of Ford stock eleven months before he was fired.
Davis points out there is nothing wrong with Ford executives selling Ford shares while the Versata-Ford legal dispute continues, reminding podcast listeners that Ford executives also purchased Ford stock during the same time period. But Davis asks why Ford doesn't share the specifics of the case with those who may have the most interest, past and future investors. Reference case: Eastern District of Michigan: 15-cv-10628-MFL-EAS Ford Motor Company v. Versata Software, Inc., et al.
The entire transcript of Davis' latest podcast can be found here.
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SOURCE Lanny J. Davis