That's one way to look at it, and fairly understandable in the...

That's one way to look at it, and fairly understandable in the frustration.
Another one is it was done to ensure that enough volume is available to sell the shares. There had been no previous precedent showing the share price would jump as it did.
They could have 'dumped' the shares into the market tanking the share price completely otherwise.
Many organisation have their management teams selling large number of shares at one point or another. A listed company i had previously been employed at did the exact same thing, with the CEO selling off $6M worth of shares before some undesirable news... this is a fairly we recognised brand too.