W-P probe hints execs' stock trades were within boundaries

Dec 07, 2006 | 12:28 PM | Scott Robertson

Wheeling-Pittsburgh Steel Corp. said a preliminary investigation into possible insider trading by three top executives indicates the trades were made in advance of warnings of reduced fourth-quarter financial expectations.

The company is looking into stock sales by Donald E. Keaton, Harry L. Page and Steven W. Sorvold. Keaton and Sorvold are vice presidents of the company and Page is president of its main subsidiary.

A recent report in The Wall Street Journal indicated that the three men sold 23,599 shares of common stock between Nov. 22 and Nov. 27, sales that "all but liquidated" their shares. The sales netted the men a total of $444,100, an average of $18.82 a share.....

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