Form 144 must be filed in most instances when an insider sells more than 5,000 shares (or $50,000 worth of stock). An insider is someone who is an officer, director, or someone who owns more than 10% of the company. Naturally, when an insider is selling his shares, other investors might want to pay closer attention and may want to follow suit.
Summary: Corporate SEC Filings
Filing
Purpose
Prospectus
Filed prior to new security being issued; contains all info about the issuer potential investors need to evaluate, and potential risks and rewards before investing
Annual Report
Provided to shareholders annually to summarize the issuer’s financial operations
Form 10-K
More detailed than annual report; financial reports audited by independent firm; filed with the SEC
