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ADVENTRX Pharmaceuticals, Inc. Message Board

  • mastertrader1 mastertrader1 Jan 30, 2005 5:31 PM Flag

    ANX--Insider Selling,,,Fact or Fantasy?

    It gets annoying to think of people that try and fool the common investor. As most know on this board there is a poster that loves to rant and rave about insiders selling. I defy the poster to publish 1 filing of a true insider in the past few years. There has not been a single insider sell any ANX. There have been 144 sellers but every single company that trades has had 144 sellers from Private Placements or large money raises...raises which often save a company from bankruptcy or carry it until development or sales of products. Below is something short to read but as I said, I defy anyone to post a form 4 sell filing on ANX.

    Corporate insiders-meaning a company's officers and directors, and any beneficial owners of more than ten percent of a class of the company's equity securities registered under Section 12 of the Securities Exchange Act of 1934-must file with the SEC a statement of ownership regarding those securities. On August 27, 2002, the SEC adopted new rules and amendments to Section 16 of the Exchange Act, implementing the provisions of the Sarbanes-Oxley Act of 2002 that accelerated the deadline for filing most insider ownership reports.

    The initial filing is on Form 3. An insider of an issuer that is registering equity securities for the first time under Section 12 of the Exchange Act must file this Form no later than the effective date of the registration statement. If the issuer is already registered under Section 12, the insider must file a Form 3 within ten days of becoming an officer, director, or beneficial owner.

    Changes in ownership are reported on Form 4 and must be reported to the SEC within two business days. You can find the limited categories of transactions not subject to the two-day reporting requirement in the new rule.

    Insiders must file a Form 5 to report any transactions that should have been reported earlier on a Form 4 or were eligible for deferred reporting. If a Form must be filed, it is due 45 days after the end of the company's fiscal year.

    Since June 30, 2003, the SEC has required insiders to submit forms electronically through the SEC's EDGAR system. (Prior to that date, insiders could choose, but were not required, to file electronically). The SEC also requires companies that maintain websites to now post the forms by the end of the next business day after filing them with the SEC.

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