IRVINE, Calif., June 15 /PRNewswire-FirstCall/ -- CorVel Corporation (Nasdaq: CRVL) announced today that pursuant to Board of Directors approval, the Company entered into a pre-arranged stock trading plan on June 12, 2009, to repurchase shares of its common stock through a brokerage agreement.
The stock trading plan will be in accordance with guidelines specified under Rule 10b5-1 of the Securities and Exchange Act of 1934 and consistent with CorVel Corporation's policies regarding stock transactions. Rule 10b5-1 allows public companies to adopt written, pre-arranged stock trading plans when they do not have material, non-public information in their possession. The Company may purchase up to 250,000 shares of its common stock on the open market from time to time over a period of two months ending in late-August at prevailing prices, subject to market conditions and other factors.
These shares are included in the 13,150,000 shares previously authorized by the Company's Board of Directors to be repurchased. During the fiscal year ended March 31, 2009, the Company repurchased 995,000 shares of its common stock and has repurchased 12,683,000 shares since the inception of the repurchase plan through March 31, 2009. At March 31, 2009, the Company had 12,917,000 shares outstanding, net of shares repurchased.
CorVel Corporation (http://www.corvel.com/) is a national provider of leading-edge services and solutions in the field of disability management. CorVel specializes in applying information technology and e-commerce applications to improve healthcare management in the workers' compensation, group health, auto and disability management insurance markets. The Company provides networks of preferred providers, claims administration, case man
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