Shares of WPT Enterprises Inc., creator of the World Poker Tour, rose 2.1 percent on Tuesday after the company announced that newly-named Chief Executive Steven Lipscomb had terminated a plan to sell 450,000 shares by March 2006.
The announcement came as WPT sought to quell a recent share sell-off. Lipscomb terminated his plan to sell shares “in light of investors’ concern in regards to the timing of sales,” the Los Angeles-based poker entertainment company said in a press release.
The sell-off began on April 6, when WPT named Lipscomb, the firm’s president, to the added role of chief executive, replacing co-founder Lyle Berman, who was given the new title of executive chairman.
Shares of WPT Enterprises, which traded at $20 a share in mid-March, have fallen 24 percent since April 6, to as low as $14.14 on Monday. In late afternoon trading on Tuesday, the shares had rebounded to $14.65.
