That's definitely true, but the December lockup is significantly smaller than the November one. Also I think it's important to realize that it looks like most insiders are selling only a small percentage of their shares. If I was an insider whose shares freed up on November 14th, I'd definitely be taking some profits right now. Who wouldn't want an extra 3M in the bank? If insiders were selling the majority of their stakes, however, that would be a real reason to be concerned.