If the directors know now they will lose the correct action for...

If the directors know now they will lose the correct action for them would not be to sell now, but wait till after the announcement when the share price should get a boost, and they can sell into that.

Conversely, to sell now should mean they know they are going to win (as the share price should fall short term) but that would also mean they know they are failures

All said of course with tongue in cheek (or is it ?)