4/A: Corvel Corp CFO Brandon O'Brien Amends Form 4 Filing to Correct Transaction Dates and Sale Prices
SEC Filing (Form 4/A)
Brandon O'Brien, CFO of Corvel Corp, files an amended Form 4 to correct transaction dates and sale prices related to stock option exercises and open-market sales.
Summary
- Brandon O'Brien, the CFO of Corvel Corp, filed an amendment to his Form 4 on August 21, 2024, to correct errors in the original filing from August 5, 2024.
- The amendment addresses incorrect transaction dates and sale prices related to the exercise of non-qualified stock options on August 1 and August 2, 2024.
- The original filing incorrectly stated that open-market sale transactions occurred on August 1 and August 2, 2024, but they actually took place on August 19, 2024.
- O'Brien exercised stock options to acquire 500 shares at $87.69 on August 1, 2024, and sold 142 shares to cover the option exercise price and tax liability at $306.82.
- He also exercised options to acquire 400 shares at $87.69, 13 shares at $119.48, 62 shares at $79.49, and 25 shares at $52.69 on August 2, 2024.
- On August 19, 2024, O'Brien sold a total of 500 shares at prices ranging from $313.25 to $316.45.
- Following these transactions, O'Brien beneficially owns 7,502 shares of common stock.
Sentiment
Score: 6
Explanation: The document is a routine correction of a regulatory filing. While the initial error is a minor negative, the correction itself is a positive step towards transparency.
Negatives
- The original Form 4 filing contained errors regarding transaction dates and sale prices, requiring an amendment.
Industry Context
Form 4 filings are standard practice for reporting transactions by company insiders, providing transparency to investors.
Comparison to Industry Standards
- Insider trading activity is closely monitored and regulated by the SEC.
- Form 4 filings are a common mechanism for reporting these transactions, ensuring compliance with regulations.
- Companies like Corvel Corp are expected to adhere to these standards to maintain investor confidence.
Stakeholder Impact
- Corrected information ensures shareholders have accurate data regarding insider transactions.
Key Dates
| Date | Description |
|---|---|
| 08/01/2024 | Exercise of non-qualified stock options and initial incorrect report of open-market sales. |
| 08/02/2024 | Exercise of non-qualified stock options and initial incorrect report of open-market sales. |
| 08/05/2024 | Original Form 4 filing with incorrect transaction dates. |
| 08/19/2024 | Actual date of open-market sale transactions. |
| 08/21/2024 | Date of amended Form 4 filing. |
| 11/05/2025 | Expiration date for some non-qualified stock options. |
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