Former Amdocs CEO disclosed $22.5 million in share sales before stock plunged, filings show
SEC filings show that Shuky Sheffer completed roughly $14 million in sales in March and May and later notified regulators of plans to sell another $8.5 million in June. Amdocs shares plunged on Wednesday following a dispute with T-Mobile and a sharp cut to the company's outlook.
Former Amdocs CEO Shuky Sheffer sold shares worth approximately $14 million and filed notices covering another $8.5 million in proposed sales in the months before the company's stock collapsed following a dispute with T-Mobile and a sharply weaker financial outlook.
SEC filings show that Sheffer, who stepped down from the top job earlier this year, reported selling approximately 167,000 shares in March and another 50,853 shares in May. The completed transactions generated gross proceeds of approximately $14 million, at prices of roughly $62 to $65 per share.
Sheffer also filed two notices of proposed sales: one covering 50,000 shares in early June, valued at approximately $3.3 million at the time, and another covering 101,796 shares later that month, worth approximately $5.2 million. Together, the completed transactions and proposed sales covered approximately 369,000 shares with a combined value of about $22.5 million.
Form 144 filings notify the U.S. Securities and Exchange Commission of an intention to sell securities under Rule 144; they do not, by themselves, establish that the proposed transactions were completed. The March and May sales were subsequently recorded as completed transactions in later filings, while the two June notices do not provide confirmation that the additional shares were ultimately sold.
The shares came primarily from restricted stock units awarded to Sheffer over the course of his tenure at Amdocs, including grants dating back several years. The June notice also covered shares connected to the exercise of stock options.
The timing has taken on added significance after Amdocs shares suffered a dramatic selloff on Wednesday. The stock plunged by approximately 28% after the company issued a sharply weaker outlook for fiscal 2027 and disclosed an escalating contractual dispute with T-Mobile, one of its largest customers. Shares subsequently traded around $45, well below the prices at which Sheffer's reported sales took place.
There is no evidence in the filings that Sheffer's transactions were connected to the dispute with T-Mobile or that he had advance knowledge of the problems that would later weigh on the company. Senior executives commonly sell vested equity awards as part of their personal financial planning, particularly around a departure from a company.
