Why FireEye (FEYE) Is Plummeting on Friday

NEW YORK (TheStreet) -- FireEye (FEYE) are taking a dive on Friday after the company priced its secondary share offering.

By midday, shares have taken off 9.4% to $81.11.

The network security provider priced its follow-on offering of 14 million shares of common stock at $82 a share, an 8.4% discount of Friday's closing price of $89.55.

Of the 14 million shares on offer, 5.58 million are being offered by FireEye with the remaining shares offered by existing stockholders. An additional 2.1 million shares will be available for purchase as a 30-day option to underwriters. FireEye will receive approximately $457.5 million from the offering, with no funds received from existing stockholders' sales.

Morgan Stanley, JPMorgan and Goldman Sachs are acting as lead joint bookrunners, while UBS, Deutsche Bank and Citigroup are book-running managers.

FEYE Chart FEYE data by YCharts

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