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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowBrightpoint Inc. executives in recent days have scooped up tens of thousands of shares of company stock, a move that suggests they believe the battered shares have become a bargain.
At the time of the purchases, the stock was off more than 50 percent for the year. Disclosures of the purchases this week gave Brightpoint shares a lift today. They climbed about 6 percent, to $7.89 apiece.
Regulatory filings show founder, Chairman and CEO Bob Laikin acquired 5,000 shares for $37,500, while President Mark Howell bought 25,000 shares for $185,000.
Other major purchases: General Counsel Steven Fivel bought 20,000 shares for $149,200, and Senior Vice President Anurag Gupta bought 5,000 shares for $38,250.
The Plainfield-based company, a distributor of wireless devices, has been struggling to digest last year’s $385-million purchase of Denmark-based Dangaard Telecom A/S.
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