Somebody write Pignatelli, Jones, Rood, Bateman, Grant etal and alert them to the situation. Pignatelli was a buyer in August at $11.86 per share. Another buy here would be nice, don't you think?
The stock being this low without insiders jumping all over it is odd, IMHO. They agreed not to sell, but there was no restriction on buying, I checked:
From the S-3, ammendment 8, dated 2/24/04:
"Holders of 426,432 shares of our common stock will be subject to volume limitations under Rule 144 because they are affiliates. In addition, our directors and certain of our officers who collectively hold 426,432 shares of common stock and options to acquire 2,599,085 additional shares of common stock are subject to lock-up agreements under which they have agreed not to, directly or indirectly, sell, hedge or otherwise dispose of any shares of common stock, options to acquire shares of common stock or securities exchangeable for or convertible into shares of common stock or shares issuable upon exercise of options, for a period of 120 days after the date of this prospectus without the prior written consent of Needham & Company, Inc."
2/24 to 3/24 = 28 days. 3/24 to 4/24 = 31 days. 4/24 to 5/25 = 31 days.
I don't know of a single analyst that would recommend buying a stock with only 2% insider ownership. Not any books I have read would recommend any stock under 7% insider holdings and most under 10% insider holdings. Although I bought anyway because I like the company, I don't think the 2% is helping. Other longs will talk about options, its not the same! Anyway Long and Strong Tom
Pkewl, The lock-up refers to selling of shares. It is a "good faith" measure by management such that institutions that just bought into the offering are not hit by negative market sentiment that would surround insider selling- hence the 120 day lock up- it is not a reference to buying.
Usually it is # of days (in this case 120) after the closing of the deal - date of final prospectus. we're not there yet.