Purplebricks' lettings director, Richard Jacques, sold 60,000 shares worth £288,775 days before the BBC broadcast an investigation into the online estate agent's advertising claims, after which shares in the company dropped by 7%. The company said it could save homeowners an average of £4,158 ($about £28m), even though the Advertising Standards Authority had banned it from making that claim, the BBC Watchdog report alleged. Jacques "was not made aware of the BBC feature before the shares were traded", Purplebricks said. During March and April Purplebricks' staff and directors sold 5,386 of shares in the company.
Purplebricks' lettings director, Richard Jacques, sold 60,000 shares worth £288,775 days before the BBC broadcast an investigation into the online estate agent's advertising claims, after which shares in the company dropped by 7%. The company said it could save homeowners an average of £4,158 ($5,386), even though the Advertising Standards Authority had banned it from making that claim, the BBC Watchdog report alleged. Jacques "was not made aware of the BBC feature before the shares were traded", Purplebricks said. During March and April Purplebricks' staff and directors sold about £28m of shares in the company.