There's always an information asymmetry, it's unavoidable. Rules...

There's always an information asymmetry, it's unavoidable. Rules around trading windows try to manage it. The alternative is not to allow managers/directors to hold shares in the company, which is clearly NOT what the market wants. The market consistently demands that these insiders buy shares or be granted large chunks of their remuneration in shares, in order to "be aligned" (for what that's worth).. and like all holders they are entitled to sell (and for them, only a couple times a year).

The performance from 1 July to 23 Aug when HSO reported results and gave guidance was clearly not bad enough to warrant a negative outlook statement then. Cooke sold that same week at the end of August and it was evidently September results that demolished the quarter and changed the outlook.

If, on the other hand, Jul and Aug results were bad enough that Cooke should have known a downgrade was coming, then HSO has bigger problems. That'd be grounds for a class action. I don't believe there is any suggest this is the case, hence why I'm saying that the CEO sales look bad, but are a bit of a side show.