Consider the following transactions by a director of a corporation listed on the National Stock Exchange. ? September 1, 2015, purchased 100 shares of his company's stock at $10 per share. ? October 30, 2016, sold the 100 shares of stock for $7 per share. ? November 30, 2016, purchased 100 shares of his company's stock for $5 per share. ? Does the director have any liability under 16b?
Yes, SEC matches the highest sale with the lowest purchase; the director had a profit of $200 he owes to the corporation.
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