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Ariba's CEO, other insiders file to sell stock
WASHINGTON, July 21 (Reuters) - Insiders at e-business software firm Ariba Inc. (NasdaqNM:ARBA - news), led by CEO Keith Krach, have filed with the Securities and Exchange Commission to sell a combined 1.05 million common shares valued at $127 million.
They are taking advantage of an open trading window to diversify their portfolios, and the sales are ``not an indication of any problem with the company,'' Ariba's public relations firm said.
Ariba shares were down 5-3/16 to 128-11/16 in afternoon trading on Nasdaq, which is experiencing a broader decline. The stock has a 52-week high of 183-5/16 and a low of 16-9/16.
Krach, who has served as chief executive officer, chairman and president since co-founding the company in 1996, plans to sell 600,000 shares worth $72.6 million, according to his filing, made late last week and released by the SEC on Thursday.
He previously sold 530,000 shares for $31 million in May.
Vice president of alliances and business development David Rome is looking to unload 200,000 shares worth $24.2 million while another VP, Paul Melchiorre, intends to sell 100,000 shares for $12.1 million, according to their filings.
Rome already disposed of 95,670 shares for $5.74 million in May.
And Paul Hegarty, who also founded the Mountain View, Calif.-based firm, plans to sell 150,000 shares valued at more than $18 million. The proposed sale comes after he sold 300,000 shares for $18 million in May.
WASHINGTON, July 21 (Reuters) - Insiders at e-business software firm Ariba Inc. (NasdaqNM:ARBA - news), led by CEO Keith Krach, have filed with the Securities and Exchange Commission to sell a combined 1.05 million common shares valued at $127 million.
They are taking advantage of an open trading window to diversify their portfolios, and the sales are ``not an indication of any problem with the company,'' Ariba's public relations firm said.
Ariba shares were down 5-3/16 to 128-11/16 in afternoon trading on Nasdaq, which is experiencing a broader decline. The stock has a 52-week high of 183-5/16 and a low of 16-9/16.
Krach, who has served as chief executive officer, chairman and president since co-founding the company in 1996, plans to sell 600,000 shares worth $72.6 million, according to his filing, made late last week and released by the SEC on Thursday.
He previously sold 530,000 shares for $31 million in May.
Vice president of alliances and business development David Rome is looking to unload 200,000 shares worth $24.2 million while another VP, Paul Melchiorre, intends to sell 100,000 shares for $12.1 million, according to their filings.
Rome already disposed of 95,670 shares for $5.74 million in May.
And Paul Hegarty, who also founded the Mountain View, Calif.-based firm, plans to sell 150,000 shares valued at more than $18 million. The proposed sale comes after he sold 300,000 shares for $18 million in May.
