Monday, January 19, 2009

Lee tries reverse stock split

To stay on the New York Stock Exchange, Lee is going to try a reverse stock split. That will raise the stock price, but the move usually doesn't work out so well: About 75 percent of those who do a reverse split end up trading lower.

The reverse stock split will convert as many as 10 shares to a single share; the company will present the plan to its shareholders at its annual meeting on March 10. Stock is still below 40 cents a share.

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