I agree the optics are pretty bad. However, if he was in possession of material market senstive information and sold that amount of shares the day before earnings, he would find himself in court pretty quickly.
Given he has not been discrete about it at all, I'd hazard a guess it means he either doesn't know the complete financials of the company ahead of tomorrow or that is relatively positive, in which case the timing of the transaction does not look suspicious.
Either way, if he did knowing someting material his head will be on the chopping block.
Ann: NOTICE OF PROPOSED SALE OF SECURITIES, page-4
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