Summary
On October 23, 2015, Allegheny Technologies Incorporated (ATI) filed an 8-K to announce a temporary suspension of trading related to its employee benefit plans. This suspension, commonly known as a 'blackout period,' is scheduled to begin on November 23, 2015, and is expected to conclude during the week of December 6, 2015. The purpose of this blackout is to facilitate the consolidation of account balances for non-bargaining participants from existing 401(k) savings plans into a new, single defined contribution plan, the ATI 401(k) Savings Plan. Crucially for investors and especially for company insiders, this blackout period will restrict participants, including directors and executive officers, from conducting any transactions within their 401(k) accounts. This restriction extends to the portion of their accounts invested in ATI's common stock, preventing them from buying or selling company stock held within these plans. This is a routine but important disclosure for understanding potential trading activity around the blackout period.
Key Highlights
- 1ATI is implementing a temporary suspension of trading (blackout period) for its 401(k) savings plans.
- 2The blackout period is scheduled to commence on November 23, 2015, and end around the week of December 6, 2015.
- 3The suspension is to facilitate the consolidation of non-bargaining participants' 401(k) accounts into a new consolidated plan (ATI 401(k) Savings Plan).
- 4During the blackout, participants cannot process any account transactions, including those involving ATI's common stock held in the plans.
- 5Company directors and executive officers are prohibited from trading ATI common stock (including derivative securities) acquired through their service or employment during this blackout period, as per Sarbanes-Oxley Act regulations.
- 6Information regarding the exact start and end dates of the blackout period can be obtained by contacting ATI's Corporate Secretary.