Acclaim Co-Chairman Sells 1M Shares

This article comes from Highwaygames.com

Video game publisher Acclaim Entertainment Inc.'s co-chairman and former chief executive, Gregory Fischbach, has sold 1 million shares of the company's stock, Acclaim said in a filing with securities regulators on Thursday. In a form filed with the U.S. Securities and Exchange Commission, Acclaim said Fischbach sold the shares on Tuesday at a price of $0.4132 each. He still holds 7.88 million shares of Acclaim stock, according to the form.

The filing also noted the proceeds of the sale would be "applied to certain outstanding obligations" of Fischbach to the company. Shares in Acclaim ended 1 cent higher at 45 cents on Nasdaq. The company has been plagued by weak game sales over the last year and replaced Fischbach as CEO with Rodney Cousens earlier this summer.

SOURCE: Reuters.