On September 19, 2005, defendants disclosed that the Company would not meet its guidance for the first half of fiscal 2006, causing the Company's stock to fall 9%, from $40.51 to $36.05 per share. Estee Lauder shares, however, continued to trade at artificially inflated levels until October 26, 2005 when defendants were forced to disclose fiscal first-quarter 2006 earnings of only $61.8 million, or $0.28 per share -- down 38% from the prior year's earnings of $95.7 million, or $0.41 per share -- on essentially flat sales. These results were well below analysts' revised consensus earnings estimate of $0.32 per share on revenue of $1.54 billion. Following this disclosure, the Company's share price fell to $30.71. By this time, Estee Lauder insiders had, during the Class Period, sold 3,380,399 shares of their Estee Lauder common stock to unwitting investors for proceeds of $88,077,150.