CINCINNATI, March 7 /PRNewswire-FirstCall/ -- Kendle (Nasdaq: KNDL), a leading, global full-service clinical research organization, today announced Chairman and Chief Executive Officer Candace Kendle, PharmD, and President and Chief Operating Officer Chris Bergen have established prearranged trading plans to sell shares of the company's common stock over a designated period. The stock trading plans are part of their personal ongoing long-term strategy for tax planning and asset diversification and were adopted in accordance with guidelines specified under Rule 10b5-1 of the Securities Exchange Act of 1934 and Kendle's policy regarding stock transactions by its insiders.
Under the trading plans, during a six-month period commencing March 20, 2008, and ending Sept. 30, 2008, Dr. Kendle and Mr. Bergen plan to sell up to 550,715 and 302,136 shares of KNDL common stock, respectively, in open market transactions. Transactions under this plan will be disclosed publicly by Dr. Kendle and Mr. Bergen through Securities and Exchange Commission filings.
Rule 10b5-1 permits insiders to implement a written plan to sell stock
when they are not in possession of material non-public information and
continue to sell shares on a regular basis even if they receive such
information subsequently. Such plans establish predetermined trading
parameters that do not permit the person adopting the plan to exercise any
subsequent influence over how, when, or whether to affect trades. Using
these plans, insiders can gradually diversify their investment portfolios,
spread stock trades out over an extended p
|SOURCE Kendle International Inc.|
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