Synchronoss Technologies, Inc. Director Adopts 10B5-1 Trading Plan
BRIDGEWATER, N.J., Dec 14, 2010 (BUSINESS WIRE) -- Synchronoss Technologies, Inc. (Nasdaq: SNCR), today announced that James M. McCormick, one of its founders has adopted a pre-arranged stock trading plan to sell a portion of his company stock over time as part of his individual long-term strategy for asset diversification and liquidity. The stock trading plan was adopted in accordance with guidelines specified under Rule 10b5-1 of the Securities and Exchange Act of 1934 and Synchronoss' policies regarding stock transactions by insiders. The transactions under this plan will be disclosed publicly through Form 144 and Form 4 filings with the Securities and Exchange Commission. The Form 4 filings will also be posted on Synchronoss' investor's relations Web site.
Under his Rule 10b5-1 plan, Mr. McCormick may sell up to 775,987 shares, or approximately 15% of the shares of Synchronoss stock he beneficially owns, during 2011. If Mr. McCormick completes all the planned sales of shares under his Rule 10b5-1 plan, he would continue to be one of Synchronoss' largest shareholders.
Rule 10b5-1 allows insiders to adopt written, pre-arranged stock trading plans when they do not have material, non-public information. Using these plans, insiders can gradually diversify their investment portfolios, can spread stock trades out over an extended period of time to reduce any market impact and can avoid concerns about whether they had material, non-public information when they sold their stock. Once established, the insider retains no discretion over purchases and sales under a Rule 10b5-1 plan. The pre-arranged trades may then be executed through a broker at later dates without regard to any subsequent material non-public information the insider may receive.
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Synchronoss Technologies (NASDAQ: SNCR) is the leading global provider of on-demand transaction management technology. The company's ConvergenceNow(R), ConvergenceNow(R) Plus+(TM) and InterconnectNow(TM) technology platforms enable communication service providers, cable operators, retailers/e-tailers and OEMs to automate subscriber activation, order management, provisioning and content transfer and synchronization of connected devices, across any network from any distribution channel. For more information visit us at:
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SOURCE: Synchronoss Technologies, Inc.