The cluster is immaterial in size relative to market cap. CEO's buy slightly offsets the selling cluster. No actionable signal for traders — await next earnings or material M&A event for direction. Monitor if selling continues in September post-blackout.
Price Chart
Executive Summary
Four C-suite/executive insiders at CS Disco sold a combined $127K in open-market sales on August 17, 2026, while CEO Erich Friedrichsen made a small $32K buy on August 10. Four executives selling on the same day at identical prices ($4.18) points to coordinated liquidity/scheduling, not shared bearish conviction, especially given the CEO's opposing buy. The total open-market sale value ($127K) represents 0.04% of $287M market cap — trivial and routine.
Key Financial Metrics
Key Facts
- Four C-suite/executive insiders sold open-market shares on Aug 17: Antoon ($36K), Garcia ($29K), Crum ($31K), Herckis ($35K) — all at $4.18
- CEO Friedrichsen made a $32K open-market purchase on Aug 10 at $4.26 — an opposing signal
- CEO Friedrichsen also surrendered 44,492 shares for tax withholding (non-cash, $0 economic value) on Aug 16
- Total open-market sale value of $127K equals 0.04% of LAW's $287M market cap — well below the 0.1% threshold for materiality
- Sells all executed on same day at same price suggest coordinated blackout-window reopening or a single advisor trade plan batch
Financial Impact
$127K in open-market sales (0.04% of market cap); CEO $32K open-market buy (0.01%)
Risk Factors
- If more executives sell at scale in coming windows, pattern could shift to meaningful insider caution
- No current cross-filings (earnings, contracts, restatements) to contextualize the trades — prices reflect routine activity only
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 SEC document filed with EDGAR.
| Document | Accession Number |
|---|---|
| CLUSTER Data (Synthetic) | cluster-LAW-1787198666989 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 19, 2026 9w ago | Insider Cluster | $4.34 | awaiting T+60 | — | $5.04 (+16.13%) |
Aug 5, 2026 11w ago | 8-K | $4.05 | awaiting T+60 | — | $5.04 (+24.44%) |
Jul 23, 2026 13w ago | 8-K | $3.52 $4.69 | ▲ +33.24% | ▲ +28.69% | $5.04 (+43.18%) |
Jun 11, 2026 19w ago | Institutional Cluster | $3.58 $4.24 | ▲ +18.44% | ▲ +14.04% | $5.04 (+40.78%) |
May 19, 2026 23w ago | Insider Cluster | $3.84 | awaiting T+60 | — | $5.04 (+31.25%) |
May 6, 2026 24w ago | 8-K | $3.72 $3.90 | ▲ +4.84% | ▲ +2.78% | $5.04 (+35.48%) |
Apr 23, 2026 26w ago | 8-K | $3.94 $4.11 | ▲ +4.31% | ▼ −0.70% | $5.04 (+27.92%) |
Feb 27, 2026 34w ago | Insider Cluster | $3.25 $3.79 | ▲ +16.62% | ▲ +7.23% | $5.04 (+55.08%) |
Feb 27, 2026 34w ago | Insider Cluster | $3.25 $3.79 | ▲ +16.62% | ▲ +7.23% | $5.04 (+55.08%) |
Feb 27, 2026 34w ago | Insider Cluster | $3.25 $3.79 | ▲ +16.62% | ▲ +7.23% | $5.04 (+55.08%) |
US Market Status
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