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Magellan Health CEO Exercises Options

This Site:en.yinlu.net Source:en.yinlu.net Writer: Time:2007-10-05
NEW YORK (AP) -- The chairman and chief executive of Magellan Health Services Inc. exercised options for and then sold 94,200 shares of common stock under a prearranged trading plan, according to a regulatory filing Thursday.

In a Form 4 filed Monday with the Securities and Exchange Commission, Steven J. Shulman reported he exercised the options Tuesday and Wednesday for $10.43 apiece to $11.91 apiece and then sold all the shares on the same days for $40.61 to $41.13 apiece.

The stock sale was conducted under a prearranged 10b5-1 trading plan which allows company insiders to set up a program in advance for such transactions and proceed even if they come into possession of material nonpublic 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.

Magellan Health, a specialty health care manager, is based in Avon, Conn.

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