Dolby Labs executive vice president sells shares

By Associated Press May 16, 2008 Comments (0)

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The executive vice president, business affairs, of audio technology company Dolby Laboratories Inc. sold 5,000 shares of common stock under a prearranged trading plan, according to a Securities and Exchange Commission filing Thursday.

In a Form 4 filed with the SEC, Martin A. Jaffe reported he sold the shares Thursday for $45.05 to $45.78 apiece.

The stock sale was conducted under a prearranged 10b5-1 trading plan, which allows a company insider to set up a program in advance for such transactions and proceed with them even if he or she comes into possession of material nonpublic information.

Insiders file Form 4s with the SEC to report transactions in their companies' shares. Open market purchases and sales must be reported within two business days of the transaction.

Dolby Laboratories is based in San Francisco.

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