4/A: L.B. Foster Executive Corrects Beneficial Ownership Report After Scrivener's Error

Patrick J. Guinee, EVP General Counsel & Secretary of L.B. Foster Company, files an amended Form 4 to correct an overstatement of beneficially owned shares due to a scrivener's error.

Summary

• Patrick J. Guinee, an executive at L.B. Foster Company, filed an amended Form 4 with the SEC.
• The amendment corrects a previous filing from February 18, 2020, which overstated the number of shares beneficially owned by 2,000 shares.
• The error was attributed to a scrivener's mistake and affected the original Form 4 and the subsequent 16 filings.
• The corrected filing indicates that Guinee directly owns 23,532 shares of L.B. Foster Company common stock after a transaction on February 14, 2020, where 1,831 shares were disposed of at a price of $18.03 per share.

Sentiment

Score: 7

Explanation: The document is a routine correction of a previous error. While the error itself is a negative, the correction is a positive step towards transparency and compliance.

Negatives

• Previous filings contained inaccurate information regarding the number of shares beneficially owned by the reporting person.

Risks

• Inaccurate reporting, even due to clerical errors, can lead to scrutiny from regulatory bodies like the SEC.

Management Comments

• The error was attributed to a scrivener's mistake.

Industry Context

Form 4 filings are a routine part of insider trading regulations, ensuring transparency in the market. Amendments are sometimes necessary to correct errors or omissions.

Stakeholder Impact

• Correcting the record of beneficial ownership ensures accurate information for shareholders and potential investors.

Key Dates