Just going by trades. Shows time, bid/ask, and trade price. Form T is usually negotiated earlier and held until after close to prevent market reaction. TRUE - Not always the company. I watched one where a court forced the sale of large stock holdings to satisfy a judgment. Another was a promoter dumping his "free" shares. These could also be a "founder" cashing previously restricted shares. Lots of reasons and sources - but not just late or uncovered MM shares.