All US companies have blackout periods for insider trading which are at least 3 business days. Here is SABA records 10-K filing 8/12: Yazdani planned 76k+ shares sale between 8/9 and 8/15, exactly within blackout period. I am not sure how "planned" is related to real trade but if it is recorded with SEC it should probably follow the same rules. Quarter End and Year End report 7/20 (Tuesday) : 7/17 (Saturday !? - how can he do it ?) Less then 3 business days before Peter Williams sells 4k+ shares and also gave himself 12k at $0. 7/15 (Thursday) - 4 of top officers exercises their stock options (CEO, CFO and others). This is kind of a stretch of how do you count 3 business days - they sell on Thursday and Year End earning release is on Tuesday. Would Tuesday counts as third day ? 7/26 - Yazdany sells 100k shares. This is perfectly legal 3 business days after earning release but nevertheless it shows how much Yazdani really believes in his company future. Kind of "Look, we published our numbers and the price is still above $5! Sell it quick!"
Well, can I say but "A fish rots from the head down."