Roscitt, Switz show financial support for ADC

While former Nortel CEO John Roth may have cut ties with Nortel by selling off the remainder of his stock in the company earlier this week, other execs are buying into their companies. As required by the SEC, ADC reported that its chairman and CEO Rick Roscitt and Chief Financial Officer Robert Switz recently purchased shares of the company.

Rick Roscitt purchased 100,000 shares of ADC stock bouncing his total to 566,326 shares. Switz purchased 18,000 shares bringing his total to 282,625 shares.

That move caused an 8.18% increase in ADC’s stock price during trading today. The stock hit its 10-year low last week at $1.02. The stock closed up $0.09 at $1.19 today.

According to company officials, Roscitt’s other ADC stock purchases were in February 2002 and September 2001. In contrast, Switz’ accumulation has been steady throughout 2001 and 2002.

An ADC spokesman had no further comment on the stock purchases.