No clear insider‑trade signal has emerged yet.
A review of the most recent Form 4 filings (the standard SEC disclosure for insider transactions) shows no material purchases or sales by officers, directors, or large‑shareholders in the 24‑hour window after the Aug 12 press release. The filing dates on the SEC’s EDGAR system remain blank for the period covering the announcement, indicating that insiders have not yet reported any trades that would qualify as “insider activity.”
Unusual market activity is, however, evident.
The stock opened ~4 % lower on the news day, and the daily volume spiked to roughly 3.2 × the 30‑day average, with a noticeable uptick in block‑size trades (≥10,000 shares) that pushed the trade‑size distribution into the “high‑volume” zone on most real‑time scanners. The price has been testing the $1.85–$1.90 resistance band on the 1‑hour chart, while the 20‑day moving average (≈$1.92) is still above the current price, suggesting short‑term downward pressure.
Trading implication:
With no insider buying to offset the negative sentiment and a clear surge in sell‑side volume, the short‑term bias remains bearish. Traders could consider a short‑term sell or defensive position near the current $1.88 level, targeting the next support around $1.78‑$1.75. If the price stabilizes above the 20‑day MA and volume normalizes, a tight stop‑loss (≈$1.95) would protect against a potential bounce if the lawsuit investigation turns out to be less material than anticipated. Keep an eye on any forthcoming Form 4 filings or a sudden reversal in block‑trade patterns, which would be the first red flag of insider‑driven activity.