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Mike Lazaridis, a founder and former executive at BlackBerry, took advantage of a rare rise in its share price to cut his stake in the company.
Lazaridis reported in a regulatory filing that a holding company he controls sold 3.5 million shares for about $27.4 million on Monday and Tuesday. Before the sale, Lazaridis owned about 5.7 percent of the company.
Lazaridis offered no explanation for the sale in the filing, and a spokesman said Lazaridis had no comment.
In October, Lazardis BlackBerry's former co-chairman and co-chief executive, and Douglas E Fregin, the company's other founder, announced that they were trying to form an investment group to buy BlackBerry, which has been reeling after the failure of its new line of BlackBerry 10 phones. On Friday, the company reported a $4.4 billion quarterly loss.