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Equifax executives sold stock after data breach, before informing public
Posted on 9/8/17 at 5:20 am
Posted on 9/8/17 at 5:20 am
The hacking occurred in July ...
From MarketWatch
quote:
After Equifax Inc. discovered a massive data breach that may have endangered the personal information of up to two-thirds of Americans, but before the company divulged the information, three executives sold their Equifax stock, according to Securities and Exchange Commission filings
quote:
a company spokesperson told The Guardian and Gizmodo that the executives had “no knowledge” of the breach at the time they sold their shares.
quote:
Most executives set up what is referred to as a 10b5-1 plan to sell shares on regular schedules, in order to avoid accusations of insider trading.
From MarketWatch
This post was edited on 9/8/17 at 5:32 am
1
Posted on 9/8/17 at 6:52 am to Macfly
If they sold their shares on a defined schedule , then I guess it is what it is, but it still stinks.
Posted on 9/8/17 at 7:17 am to crazycubes
Couldn't they sell their stock the instance it was announced, be ahead of the sell off and be in the legal limits?
Posted on 9/8/17 at 8:08 am to crazycubes
quote:
If they sold their shares on a defined schedule , then I guess it is what it is, but it still stinks.
Except they didn't
quote:
Most executives set up what is referred to as a 10b5-1 plan to sell shares on regular schedules, in order to avoid accusations of insider trading. Sales that are part of those plans are typically noted on the SEC filings, but none of the Equifax executives said they were pre-scheduled.
Posted on 9/8/17 at 10:04 am to crazycubes
quote:
If they sold their shares on a defined schedule , then I guess it is what it is, but it still stinks.
Even if it was on a defined schedule, they could still sit on the info till the day passed.
Shady, but would be very hard to prove.
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