AOL Time Warner Inc. Chairman Stephen Case earlier this week bought 1 million common shares in his firm, the world's largest Internet and media company, according to a U.S regulatory filing made public on Friday.
The shares were bought on Feb. 4 at prices ranging from $24 to $24.25, the U.S. Securities and Exchange Commission document, which was filed on Feb. 6, showed. It also showed that Case directly holds more than 11 million shares.
Case's purchase comes with the company's shares lingering near December 1998 lows. Investors have been taking a wait-and-see attitude on the company after it lowered its earnings and revenue guidance and new management, led by Chief Executive-elect Richard Parsons, offered a conservative outlook.
Investors have also been wondering how the company will contend with a slowdown in dial-up Internet access growth and a protracted advertising slump.
Shares of AOL Time Warner closed up 7.5 percent, or $1.91, at $27.36 on the New York Stock Exchange on Friday. The stock had declined 10 percent in the wake of the company's fourth quarter results last week.
News source: CNN Money - Case buys 1M AOL shares
News source: NewsGeek