Lanza pre-arranged sale plan was made public long ago by ACT and Lanza. It is a 10b5-1 plan as follows:
"Under Rule 10b5-1, directors, officers and other employees who are not in possession of material non-public information may adopt a pre-arranged plan or contract for the sale of Company securities under specified conditions and at specified times. Using these 10b5-1 plans, individuals can gradually diversify their investment portfolios, spread stock trades out over an extended period of time to reduce market impact and avoid concerns about transactions occurring at a time when they might possess material non-public information."
Who knows why he sold some shares? Maybe he has a kid going off to college in the fall? He has his reasons. As long as he holds his end up I'm OK with it. A guy like Lanza doesn't sell shares because of some shrewd financial angle, he sells because he needs the money for something else.
There is no excuse for Lanza to sell any shares, period. Its the worse kind of PR and there is no need for it. He should be more sensitive to his shareholders, that have held on the last few years with all the shenanigans of Gary and company. I know Lanza is an exceptional talent and we are lucky to have him but good grief if the company's officers can't buy at least don't sell. what a slap in the face to all shareholders. There are no acceptable words to express my frustration over this.
And it is pocket change, without fees at today's price that comes out to about $118,000. After making over $500k per year, why would he not hold and wait for the share price to increase? Or maybe he is just terrible at managing his personal finances...