Automatic Plan?Since Langer seems to be selling exactly 100,000 shares per day, is it possible that this arrangement qualifies as an Automatic Plan, which will give him more flexibility of selling as we approach the release of financial information?
Here's a small excerpt (link to full discussion is below)
Flexibility: Timing Considerations
Insiders have very limited flexibility from a timing standpoint, and black-out periods, limited trading windows and possession of MNPI may restrict the ability of insiders to sell stock or exercise options.
Limited trading windows increase the likelihood that an insider may opt to sell a substantial portion of his or her holdings in one large trade (potentially exposing the insider to market volatility and depressed stock prices), which may be interpreted by the market as an indication that the insider expects the stock price to decrease and precipitate downward pressure on the stock.
Pre-arranged trading instructions, particularly the ability to establish a price floor, the automatic nature of Automatic Plans and the potential availability of exemptive relief from insider reporting (discussed in further detail below) all benefit the issuer as market sensitivity may be tempered through plan disclosure and, where available, annual insider reporting (as opposed to reporting each trade on an ongoing basis). In turn, insiders are permitted to trade throughout black-out periods or outside of open trading windows pursuant to the pre-arranged terms of Automatic Plans thereby providing increased flexibility from a timing standpoint;
Distribution https://www.canadiansecuritieslaw.com/2014/08/articles/securities-distribution-tradin/use-of-automatic-plans-to-facilitate-trading-by-company-executives/