H, Lewis could have sold his shares on the open market a few weeks before the offering and received a higher price. He chose instead to sell only if the offering was oversubscribed, and at a set price. This type of sale would have added non dilutive shares to the overall offering, while allowing Lewis to cash in 10 Milion worth of his shares without hitting the bids on the open market. The true definition of a secondary offering is when major shareholders use an investment banking firm to sell THEIR shares at a fixed price. Insmed's offering was a dilutive secondary offering. Lewis should be hung in the gallows!! I, of course, say that quite sarcastically.
I'm more frustrated that Nicole Schaefer sold far less shares, but a greater percentage of her holdings, on the open market while the share price was falling....sharply. When the stock price is falling and suddenly an officer sells nearly a third of her shares, hitting the bid on the open market, it doesn't instill much confidence to investors.
All that said, I have seen so many 30% plus moves in Insmed over the past ten years that when they come I am afraid to say that I hardly even blink. Going from 31 last July to 11 in December was the most painful, but it was nice to rebound back into the 30's in 3 months. I suspect that something similar will happen again this time, and if it decided to start today I wouldn't complain one bit.