W-P probe shows execs’ stock sales within rules

Dec 07, 2006 | 02:29 PM | Scott Robertson

A preliminary investigation by Wheeling-Pittsburgh Steel Corp. into possible insider trading by three 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 and Steven W. Sorvold, vice presidents of the company, and Harry L. Page, president of its main subsidiary.

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

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