for you CA people:
Tuesday October 27, 8:30 pm Eastern Time
Computer Assoc.COO may sell stock-document
WASHINGTON, Oct 27 (Reuters) - Sanjay Kumar, president and chief operating officer of Computer Associates International Inc., told securities regulators he may sell 150,000 common shares valued at about $6 million of the company, recent SEC filings showed.
It is part of a routine quarterly program where Kumar sells 150,000 shares ''for diversification purposes,'' Doug Robinson, senior vice president for investor relations, said Tuesday.
''Sanjay does have a quarterly diversification program in effect where each quarter after we report our earnings 150,000 shares just automatically get executed for sale,'' he said.
''That's what this transaction is.''
Robinson said he could not comment, however, on whether the sale has actually taken place.
Kumar already sold 150,000 shares worth over $4 million this past summer in the Islandia, N.Y.-based company, according to Kumar's form 144 document with the Securities and Exchange Commission.
That document notifies regulators of an intent to sell but does not obligate anyone to do so.
Kumar beneficially owned 5,739,661 shares, or 1.0 percent, of the company as of June 19, according to Computer Associates' most recent proxy filing with the SEC on July 2.
The company has about 548 million shares outstanding.
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