A story in the Wall Street Journal identified the amateur investor as just another reader, one Ted Greene of Rancho Santa Fe, Calif., and noted his stock of choice: Amylin Pharmaceuticals Inc.
But it turns out that Greene, chosen to compete in the newspaper's closely watched stock-picking contest, has an obvious reason to enthuse about San Diego-based Amylin. He's the company co-founder, former chief executive, a current board member and the owner of 2.2 million of its shares.
The Journal said Thursday that it is reexamining the criteria and methods used to screen entrants in its contest as a result of the oversight. Greene was named in a Journal story published Monday as one of four readers chosen at random to compete against financial pros in the latest round of the contest, running through Nov. 30.
"We're concerned that our procedures weren't followed and we're concerned that our procedures may not have been as refined as they should've been," said Byron Calame, a deputy managing editor at the paper.
A spokesman for Amylin said Greene was acting as an individual, and the company had no comment about his contest endeavor.
Greene could not be reached for comment.
Amylin shares fell 73 cents to close at $12.86 on Nasdaq.