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Technology Stocks : VALENCE TECHNOLOGY (VLNC)
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To: Bob Childers who wrote (6981)1/11/1999 4:18:00 PM
From: mooter775  Read Replies (1) of 27311
 
I do not believe that there are hard and fast rules regarding the timing of activity in a stock and subsequent events in the company.

Typically, insider buying or selling would mean that the shareholder would not have material inside knowledge of an imminent (30 days?) event which would cause his action to be in question. In Roberts (and Valence's case), this might indeed mean that Roberts cleared his transaction with the inside house counsel and nothing was deemed to be imminent for purposes of that transaction. Valence may or may not have that provision for outside directors in place - some companies do and some other don't.

It also might mean, however, that while the company is seeking either to qualify the line for production, or safety test the batteries,or even negotiate an immiment contract - depending upon how one views the status of the current operation - that Roberts was not aware of the exact status or that nothing definitive had been determined as of the late December date. Often when parties are negotiating contracts, the uncertainty of reaching a definitive agreement allows for legitimate activity in the stock - depending on the certainty of reaching imminent agreement.

I personally would feel your point is well taken if Lev or other senior management had acquired shares. Somehow, it doesn't mean quite the same thing to me in Roberts' case.
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