Question regarding Ackmans stake in FNMA. According to a sec 13D form in which he did disclose position in FNMA an investor has to file amendment to this filling as follows:
File promptly to reflect any material change including a change in investment purpose. An acquisition or disposition of beneficial ownership of securities equal to 1% or more of the class is deemed to be a material change. Rule 13d-2(a).
So, what does it mean promptly? As I understand it and have checked other fillings it means the other day or in matter of days after change.
Regarding recent action, if he did sell any shares shouldnt he disclose it in an amendment to a 13D filling?
I see no amendment so I think he didnt sell or buy anything over 1% of his holdings.
Or is the time to fill longer and he will yet have to fill it?
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