MS blames admin error in Xbox report
EmptyMicrosoft is downplaying reports that Robbie Bach, head of its Xbox operations, sold more of his stock in the company than previously reported in the months before disclosing a major technical problem with the Xbox 360 console.
It was known that Bach, president of Microsoft's Entertainment and Devices Division, has sold $6.2 million in Microsoft shares between May 2-July 5, but a filing Monday with the Securities and Exchange Commission shows that he also sold $3 million in shares May 1, bringing the total to more than $9 million.
In early July, Microsoft said it would take a $1.5 billion charge to expand the Xbox 360 warranty program to repair a glitch that caused the console to stop working for many consumers.
The announcement of the technical flaw had little effect on Microsoft shares, and a Microsoft spokesman told reporters that an administrative error was responsible for the company failing to report Bach's additional stock sales to the SEC in a timely manner.