A comprehensive review of Form 4 filings from 2004 indicates that the overwhelming majority of the 77,000-plus open-market transactions by insiders were reported to the Securities & Exchange Commission within the two-day period mandated by Sarbanes-Oxley—and that nearly 12 percent were filed on the same day of the transaction.
But the data, collected by the research firm Insider Insights, show that hundreds of insider transactions were not reported to the SEC within the two-day period, and that some reports were made weeks or months late.
