AVANIR PHARMACEUTICALS (AVNR)

[sts66]

Katkin sells a bunch of shares - a planned transaction - but a big sell:

Katkin Keith sold 442,212 Common Stock @ $5.01 per share.
Katkin Keith is a director at AVANIR PHARMACEUTICALS, INC. (AVNR). This transaction represents a 58.9552% change in their holdings.

Warning! 10b5-1(c) Transaction!
The InsiderTrades.org automated analysis system has identified that this is probably a trade that took place under a 10b5-1(c) plan. Trades performed as part of a 10b5-1(c) plan are a special type of insider trade that can be indicative of pending adverse news according to leaked documents from JP Morgan (http://wikileaks.org/wiki/Whistleblower_exposes_insider_trading_program_at_JP_Morgan) and academic researchers (http://papers.ssrn.com/sol3/papers.cfm?abstract_id=541502).\r\n\r\n

This transaction became public at 8:00PM today but actually occurred on Wednesday.

Important Notes:

The SEC allows changes in benificial ownership to be reported within up to two days from the date of the actual trade.
A >10% owner may be an entity of another individual/company/trust that as a whole owns >10%.
A purchase price of $0 indicates some sort of internal options plan rather than open-market purchase.


SEC Footnotes:
The sales reported on this Form 4 were effected pursuant to a trading plan adopted pursuant to Rule 10b5-1 under the Securities Exchange Act of 1934, as amended. A portion of the proceeds from the sales will be used to pay required withholdings due by the Reporting Person. Following the sales reported on this Form 4, the Reporting Person has a total of 1,261,998 options to purchase shares of common stock that are vested and immediately exercisable and a total of 528,593 options to purchase shares of common stock that have not yet vested. Following the sales reported on this Form 4, the Reporting Person also has 605,718 unvested Restricted Stock Units, of which 97,250 are performance-based Restricted Stock Units. Represents the weighted-average price at which shares were sold within a range between $5.00 and $5.09. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the range. Includes previously reported shares of common stock underlying Restricted Stock Grants granted to the Reporting Person, which are subject to certain vesting conditions. The option was granted on 3/21/2007 and vested with respect to one-quarter of the underlying shares upon the first anniversary of the grant date, and then with respect to the remaining shares quarterly thereafter over the next three years. The option was granted on 7/25/2008 and vested with respect to one-quarter of the underlying shares upon the first anniversary of the grant date, and then with respect to the remaining shares quarterly thereafter over the next three years.