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Microsoft 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.
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