Blackout periods - CEO pockets $121,020 after disposing of 37,819 shares on July 1, 2013
Blackout periods are designed to prevent trading in a company’s securities by insiders when they are most likely to possess material non-public information. The quarterly blackout period limits trading to times when the market is best informed about the company's financial performance.A blackout period should end only after information has been publicly released and the securities markets have the opportunity to fully absorb the information. This is typically referred to as “public dissemination.”
On July 1, 2013, Innodata had not yet released the very disappointing 2Q results which subsequently took the stock down to a new 52 week low. The level of performance was indeed material. But on July 1, the CEO certainly had access to the 2Q results; yet he still disposed of 37,819 shares. How is this by any stretch of the imagination NOT insider trading?