this post was submitted on 13 Sep 2023
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Unity bosses sold stock days before development fees announcement, raising eyebrows (www.eurogamer.net)
submitted 1 year ago by geosoco@kbin.social to c/games@sh.itjust.works
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Unity executives sold thousands of shares in the weeks leading up to last night's hugely controversial announcement it will soon charge developers when one of their games is downloaded.

The company has subsequently softened its stance slightly on a couple of aspects - but fury across the industry remains.

Behind the scenes, CEO John Riccitiello shifted 2000 shares last week on 6th September, as noted by Yahoo Finance, which noted this move was part of a trend over the past year where the exec has sold more than 50,000 shares in total and bought none.

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[–] IWantToFuckSpez@kbin.social 15 points 1 year ago (3 children)

Not if it is an automated scheduled sell and reported to the SEC.

[–] EnderofGames@sh.itjust.works 9 points 1 year ago (2 children)

I feel like a scheduled sell shouldn't mean insider trading investigation is off the table.

Does it really matter if they decided to sell just before they devalue their company, or they devalued their company right after a sell? They knew about both before hand, and they can have the same intent either way.

[–] Bluescluestoothpaste@sh.itjust.works 3 points 1 year ago

I suppose, but that's a different crime under a different statute Im guessing. (Tanking the company because gou have a scheduled sell, versus selling because you tanked the company.)

[–] Whirlybird@aussie.zone 2 points 1 year ago

They’ve been consistently selling off stock for the last year as noted in the article. Many of these execs get paid in a combination of cash and shares. To get their full wage they sell shares.

[–] BlazeDaley@lemmy.world 7 points 1 year ago

According to the Form 4 filed with this sale, the trade was planned at least as of May 19 using a 10b5-1.

The sales reported on this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on May 19, 2023.

https://www.sec.gov/Archives/edgar/data/1193857/000181080623000163/xslF345X05/wf-form4_169420518678431.xml