WeightWatchers Tumbles After Largest Shareholder Sells Stake (1)

WW International, better known as WeightWatchers, shares plummeted after the company said it has lost its largest shareholder.

The stock fell 19% Thursday after the company announced that investment firm Artal Group sold its remaining stake in the wellness company in a Rule 144 block trade. Artal was one of its longest investors, having purchased the stock in 1999 from Heinz and maintained a controlling interest from its initial public offering in 2001 through 2018, a press release said. Artal had owned nearly 15 million shares of WW, according to data compiled by Bloomberg.

“We have been privileged to ...