Toll Brothers executive chairman sells a million shares at US$20.50-US$20.68 per share one day after acquiring 100,000 shares for $20.50 each

Audrey Dixon

HORSHAM, Pennsylvania , December 22, 2011 (Associated Press) – The executive chairman of luxury homebuilder Toll Brothers Inc. sold 1 million shares of company stock a day after exercising options to buy 100,000 shares, according to documents filed Thursday with the Securities and Exchange Commission.

Robert Toll, co-founder of the company, reported he acquired the 100,000 shares on Tuesday for $20.50 each. He then sold 1 million shares the following day for between $20.50 and $20.68 apiece.

Company insiders are required to report transactions in their companies' shares to the SEC. Open market purchases and sales must be reported within two business days of the transaction.

Toll Brothers is based in Horsham, Pa.

Shares ended the regular trading session on Thursday down 26 cents at $20.42. The stock has traded between $13.16 and $22.42 over the past 52 weeks.

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