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Post by slugworth008 on Dec 20, 2017 17:49:00 GMT -5
Interesting, why did his shares owned drop from 212,500 to 35,532 since his last buy in August? Because he was smart enough to sell'm at 6 - LOL, sorry I couldn't help myself.
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Post by mcloven on Dec 20, 2017 17:49:11 GMT -5
Interesting, why did his shares owned drop from 212,500 to 35,532 since his last buy in August? When you click the link on the far right you can see the actual filing. Those were purchased in 2016. Pre R/S.
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Post by awesomo on Dec 20, 2017 17:50:08 GMT -5
Ah thanks, I'm dumb.
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Post by pantaloons on Dec 20, 2017 18:53:03 GMT -5
Mike C stated in his interview with Motley Fool that he'd purchase shares, if he could. Under what circumstances would he be prohibited from purchasing them? The situation seems to have changed since then, if what he implied is/was indeed the case. Some companies have windows of when employees can purchase shares (usually after earnings reports). Of course, the speculation was that he said that because there was some sort of deal/partnership being worked on the background in which case executives certainly couldn't purchase shares without getting hit for insider trading. It's clear that that is off the table now. What about in the situations such as dramatically improved insurance coverage, increased script #'s, etc.? Are there prohibitions against those circumstances?
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Post by akemp3000 on Dec 20, 2017 18:57:51 GMT -5
"How do companies protect themselves against insider trading? Typically, anyone who could have access to financial data ahead of public disclosures have limited trading windows after results are announced to trade the stock. Also, there may be restrictions on how they can trade in that trading window. For example, suppose a company releases quarterly earnings on April 15, July 15, October 15, and January 15. Executives and people with access to financial data may only be able to trade the stock in the month following release of financial data (e.g., May 1-31, August 1-31, November 1-30, and February 1-28). Also, since an executive selling a large amount of stock could be viewed as bad and drive the value down, some companies also require key executives to give 30 days notice of their plans to buy or sell stock. Again, it is to prevent insider trading. If you are able to read that the CEO is planning to sell $1B of stock in a month, you may take that as a sign that the stock price is likely to fall and you can sell now. If the stock price does decline, the CEO sells at that lower price in a month. It is not that the CEO of a public company is not allowed to buy or sell his stock before a positive earnings result, but generally done to avoid being charged with insider trading. If the CEO buys and reports are positive and the price goes up, does any really believe that was not done based on knowing that the report would beat expectations and be viewed as very positive? One other factor. If key officers can buy-and-sell too close to release of financial information, they certainly can do short-term actions to affect the price of the stock. They would gain, and being a zero-sum game, investors would lose. And confidence in investing in stock would plummet affecting the entire market."
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Post by matt on Dec 20, 2017 19:05:30 GMT -5
Company employees routinely are barred from buying or selling shares at their own discretion between the end of the quarter and release of the 10Q or 10K. They are also barred from buying or selling pending major transactions.
Mike would likely be prohibited from buying as of December 31 until release of the 10K in March, and the fact that he is buying suggests no material deals on the horizon.
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Post by Deleted on Dec 20, 2017 19:23:29 GMT -5
matt "and the fact that he is buying suggests no material deals on the horizon." I believe executives can place automatic buy and sell orders at future dates even with insider knowledge. I don't know the exact wording or rules.
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Post by pantaloons on Dec 20, 2017 19:27:37 GMT -5
Does Mike C's stock purchase necessarily preclude the possibility that domestic/international partnerships are in progress? Perhaps they are still in talks but have not yet signed/formalized any documents. If so, how far along could they be in discussion with potential partners and still allow MNKD executives purchase stock without issues regarding insider trading rules?
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Post by Deleted on Dec 20, 2017 19:35:40 GMT -5
"Does Mike C's stock purchase necessarily preclude the possibility that domestic/international partnerships are in progress?"
Not if he set-up orders to be executed at regular intervals.
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Post by radgray68 on Dec 20, 2017 19:55:56 GMT -5
I would almost welcome an investigation into our little company for alleged insider buying, almost. The SEC has absolutely no teeth and it's a really tough thing to prove. Just read the safe harbor statements in every quarterly report where it cautions about "Foreward looking statements." That boiler plate covers the officers' behinds in cases like this where things can change on a phone call. "Yesterday I put in an order to buy. Today, I finalized a partnership deal." Nothin to see here, move along.
Free publicity/advertising. In fact, we could have some of our own favorable press issued during the trial. Commercials on court TV, etc. Are we worried about appearances at this point? Really?
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Post by sayhey24 on Dec 20, 2017 20:02:12 GMT -5
What a great idea buying some MNKD for my wife for Christmas. Good grief, she already thinks I am nuts that would seal the deal.
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Post by mango on Dec 20, 2017 20:23:42 GMT -5
What a great idea buying some MNKD for my wife for Christmas. Good grief, she already thinks I am nuts that would seal the deal. If your wife doesn't support your cause and advocacy then it is time to move on. Trust me, I just went through this 🤣. Now,I have my head in the clouds talking w/ an amazing woman w/ a T1D daughter. The universe has already made plans...don't buy her MNKD stock—buy yourself MNKD stock. And keep trusting and believing in the hope that inspires you. 😎
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Post by sayhey24 on Dec 20, 2017 21:29:36 GMT -5
Mango - I have heard for 37 years now how crazy I am. At this point I just take it in stride. On a different subject starting on January 25, 2015 I was laughed at, ridiculed and mocked. Today I heard from many WOW.
The key is persistence and core values and its always darkest before the light. The winter solstice in the Northern Hemisphere will be at 11:28 AM tomorrow. Maybe I will buy her some shares at 11:27am. It really would be the right thing to do. It may take another year or two but I will hear WOW again.
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Post by mnholdem on Dec 20, 2017 22:14:48 GMT -5
Company employees routinely are barred from buying or selling shares at their own discretion between the end of the quarter and release of the 10Q or 10K. They are also barred from buying or selling pending major transactions. Mike would likely be prohibited from buying as of December 31 until release of the 10K in March, and the fact that he is buying suggests no material deals on the horizon. Not necessarily. Under Rule 10b5-1, directors and other major insiders in the company – large shareholders, officers and others who are able to access material nonpublic information (MNPI) – are able to establish a written plan that details when they will be able to buy or sell shares at a predetermined time on a scheduled basis. It is established this way so that the insiders have the ability to buy or sell shares when they are not in the vicinity of MNPI.
Source: www.investopedia.com/terms/r/rule-10b5-1.asp#ixzz51rTTC6Jd --- This is often the only way many CEOs can buy shares, especially with a biotech that has so many irons in the fire. Mike Castagna simply may have filed his planned stock acquisition shortly after the FDA upgraded the label and MannKind announced a collaboration agreement with Biomm but before he knew the results of the STAT trial and/or results of other negotiations.
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Post by forager1144 on Dec 21, 2017 0:18:21 GMT -5
I get that im a new poster, so take this for a grain of salt. But this move by Mike is 100% crap and I was peeved enough to make an account here.
It's like he didn't have the foresight to realize there would be fallout after doubling the A/S with no concrete announcement to support it - so he's buying a puny amount of shares to calm the masses.
I don't see a filing showing that this is a prescheduled purchase and based on his prior purchase history I don't have much confidence that this was scheduled.
Too little too late, get a clue. Shouldn't have doubled the A/S without ANYTHING to follow up.
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