New Research: Execs, Directors Insider Trading on Gap Between Earnings and Audit Report (MarketWatch)
New information coming in the audit report will give execs even more of an edge and encourage more insider trading, researchers say. Corporate executives and directors are trading on inside information about potential audit findings in the window between year-end earnings announcements and when companies file annual reports and audit opinions with the Securities and Exchange Commission, according to new research. Companies didn’t use to announce fourth-quarter earnings until the auditors’ work was done and the annual report with its opinion was issued. Since 2004, however, after new audit requirements were mandated by the Sarbanes-Oxley Act as a result of the failure of Enron and the dissolution of its audit firm Arthur Andersen, audits are taking longer to finish.
Insider Buying And A Spinoff Mean It’s Time To Take A Second Look At Arconic (Forbes)
The serving Chairman and newly appointed CEO of the aluminum giant Arconic, which is facing a class action suit following the deaths of 72 victims in the London Grenfell fire in 2017, is cashing in and could make as much as $20 million in just a year as he takes a smoke-and-mirrors approach to the company’s future. John Plant, who agreed to a “perpetual” gagging order when he took the helm last month, bought nearly $4 million worth of shares in addition to his $1.6 million base salary in a one-week buying-spree, according to analysts at The Edge, who have been following developments amid his plans for a Spinoff designed to push up the share price.
A Director at Ionis Pharmaceuticals Inc (NASDAQ: IONS) is Selling Shares (AnalystRatings)
Today, a Director at Ionis Pharmaceuticals Inc (IONS), Joseph Wender, sold shares of IONS for $796.2K. Following Joseph Wender’s last IONS Sell transaction on July 19, 2018, the stock climbed by 33.8%. Based on Ionis Pharmaceuticals Inc’s latest earnings report for the quarter ending December 31, the company posted quarterly revenue of $192 million and quarterly net profit of $320 million.
Thursday 3/21 Insider Buying Report: FSK, HIIQ (Nasdaq.com)
Bargain hunters are wise to pay careful attention to insider buying, because although there are many various reasons for an insider to sell a stock, presumably the only reason they would use their hard-earned cash to make a purchase, is that they expect to make money. Today we look at two noteworthy recent insider buys. On Wednesday, FS KKR Capital Corp (FSK)’s Chief Executive Officer, Michael C. Forman, made a $249,413 purchase of FSK, buying 40,480 shares at a cost of $6.16 a piece. Bargain hunters have the opportunity to grab FSK even cheaper than Forman did, with the stock trading as low as $6.02 in trading on Thursday – that’s 2.3% under Forman’s purchase price. FS KKR Capital Corp is trading up about 0.2% on the day Thursday. Before this latest buy, Forman purchased FSK at 10 other times during the past twelve months, for a total cost of $6.95M at an average of $5.31 per share.
Legacy Reserves Inc (NASDAQ:LGCY) Insider Trading Activity – Major Shareholder Bought 601,000 shares of Stock (MarketExclusive)
Insider Trading Activity For Legacy Reserves Inc (NASDAQ:LGCY): Baines Creek Capital, Llc , Major Shareholder of Legacy Reserves Inc (NASDAQ:LGCY) reportedly Bought 601,000 shares of the company’s stock at an average price of 0.52 for a total transaction amount of $312,520.00.