Unity bosses sold stock days before development fees announcement, raising eyebrows
Unity bosses sold stock days before development fees announcement, raising eyebrows
Unity executives sold thousands of shares in the weeks leading up to last night's hugely controversial announcement it …
Unity executives sold thousands of shares in the weeks leading up to last night's hugely controversial announcement it will soon charge developers when one of their games is downloaded.
The company has subsequently softened its stance slightly on a couple of aspects - but fury across the industry remains.
Behind the scenes, CEO John Riccitiello shifted 2000 shares last week on 6th September, as noted by Yahoo Finance, which noted this move was part of a trend over the past year where the exec has sold more than 50,000 shares in total and bought none.
You're viewing a single thread.
This isn't insider trading?
They probably have automated sell of dates or automated sell of prices.
This is part of a consistent pattern over the last year.
He probably hasn’t bought any stocks due to receiving stock as part of his employment contract.
It could be insider trading, but considering how companies have been doing pricing structures and rapid shifts from free to subscription based and then seeing sales/profit increase I imagine it’s worth it for them to simply keep the stock long term, but an initial sell off was put in place at a certain price. Sometimes there’s smoke and there’s fire, and sometimes it’s just simply the fumes of capitalism creating a system that’s uniquely imbalanced for everyone else, but isn’t really insider trading.
Not if it is an automated scheduled sell and reported to the SEC.
I feel like a scheduled sell shouldn't mean insider trading investigation is off the table.
Does it really matter if they decided to sell just before they devalue their company, or they devalued their company right after a sell? They knew about both before hand, and they can have the same intent either way.
I suppose, but that's a different crime under a different statute Im guessing. (Tanking the company because gou have a scheduled sell, versus selling because you tanked the company.)
According to the Form 4 filed with this sale, the trade was planned at least as of May 19 using a 10b5-1.
The sales reported on this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on May 19, 2023.
Yes.
I think the part where they had a trend of selling over the course of a year makes this not insider trading (or harder to prove if they were playing the long game).