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Also, they can call a press conference, tell everyone the material inside information, and then sell the shares. This is completely normal: every company does w
by dmurray 6y ago
Also, they can call a press conference, tell everyone the material inside information, and then sell the shares. This is completely normal: every company does when it has material non-public information and doesn't want to wait for the next quarterly earnings report.
- kasey_junk 6y agoI got the impression they didn’t have their ducks in a row to know what that info was. Just that they couldn’t meet the standard. It’s not uncommon for a finance team to spend weeks preparing for even normal SEC filings.
- londons_explore 6y agoI believe that is also tricky. In most companies, there are all kinds of incomplete and unreliable financial indicators mid-quarter. It's only when the accountants add it up and the end of the quarter and the auditors check it is it suitable for release to the public. The incomplete information is considered "material non public info" which stops the execs buying shares, but it isn't considered reliable enough info for the company to publish without risk of execs being sent to prison for publishing false info.
- jboog 6y agoThis situation is literally outlined in the article and GME decided against doing that. The article really isn't very long, I suggest reading it!