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'04 Insider Trades: Most Timely; Some Missed The Mark

Martinek Paul J. | March 15, 2005

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.

Others were more than just a bit tardy—Sarbanes-Oxley seems to have prompted some insiders to disclose for the first time transactions that took place as long as ten years earlier. Although trades made prior to Aug. 29, 2002 did not have to be reported within two business days—which is the case now under SOX—the still had to be...

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