Regulation S-K stipulates that companies disclose transactions over US$60,000 between companies and directors, any executive officers, any nominee for director, and 5 percent shareholder, and any member of the immediate family of any of those, said Lawrence Cagney, a partner with Debevoise & Plimpton, an international corporate law firm.
Tyco's shares have fallen 83 percent to US$10.10 this year. On Friday, the company delayed the sale of shares in its CIT Group finance unit, while its debt ratings were cut to the lowest investment grade by Standard & Poor's and Moody's Investors Service. The cuts will force the repayment of at least US$530 million of debt.
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