PartyGaming CEO Halts Shares

A Reuters report on Monday states that PartyGaming (PRTY.L: Quote, Profile , Research)  chief executive, Mitch Garber, had taken options for 3.5 million shares and reversed previous plans to sell a chunk of stock.

Under his planned sale program, Garber was to have sold shares between Dec. 19 and Dec. 31. He now holds 8.75 million shares in the firm, more than double the amount he is obliged to hold under his contract.

PartyGaming is waiting for a decision from U.S. authorities on its punishment for taking bets from U.S. gamblers last year before the law was clarified in October.

PartyGaming shares were up 2 percent by 1255 GMT.

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Gambling911.com News Wire

Originally published November 26, 2007 9:42 am EST