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Facebook's Sandberg Sells More Company Stock.

Nov 8, 2012 19:35:10 (ET)

By John Letzing

Top Facebook Inc. (FB) executive and board member Sheryl Sandberg has unloaded another portion of her stock in the social-media company as restrictions on insider sales lapse, according to a regulatory filing Thursday.

Ms. Sandberg sold more than 176,000 Facebook shares, according to the filing, netting some $3.8 million.

The chief operating officer, who joined Facebook's board in June, sold at a price of roughly $21.24. Facebook shares had declined about 3.5% to $19.99 as of the close of trading Thursday, far from the $38 per share set at the Menlo Park, Calif., company's initial public offering in May.

Ms. Sandberg retains some 20 million Class A shares following the sale, according to the filing.

The transaction was the second in recent days for Ms. Sandberg, who last week sold more than 350,000 Facebook shares at around $21 apiece.

The sales come as so-called lock-up restrictions on insider selling at Facebook expire. Late last month, a restriction on the sale of more than 200 million shares held by insiders lapsed, for example.

Shares of Facebook fell slightly after hours Thursday to $19.91.

Write to John Letzing at [e-mail]

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(END) Dow Jones Newswires

November 08, 2012 19:35 ET (00:35 GMT)