The president and chief executive of Crosstex Energy Inc., a natural gas company, sold 5,000 shares of common stock under a prearranged trading plan, according to a Securities and Exchange Commission filing Wednesday.
In a Form 4 filed with the SEC, Barry E. Davis reported selling the shares on Tuesday for $28.81 apiece.
The stock sale was conducted under a prearranged 10b5-1 trading plan which allows a company insider to set up a program in advance for such transactions and proceed with them even if he or she comes into possession of material non-public information.
Insiders file Form 4s with the SEC to report transactions in their companies' shares. Open market purchases and sales must be reported within two business days of the transaction.
Crosstex is based in Dallas.
Questions or comments about this story should be directed to the Financial News desk of The Associated Press at 212-621-7190.
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