AllianceBernstein Adopts Rule 10b5-1 Stock Repurchase Plan
AllianceBernstein L.P. and AllianceBernstein Holding L.P. (NYSE: AB) today announced that they have adopted a plan to repurchase AllianceBernstein Holding Units pursuant to Rule 10b5-1 under the Securities Exchange Act of 1934.
A plan under Rule 10b5-1 allows a company to repurchase its shares at times when it otherwise might be prevented from doing so because of self-imposed trading blackout periods and because it possesses material non-public information. A broker selected by the Company will have the authority under the terms and limitations specified in the plan to repurchase shares on the Company's behalf in accordance with the terms of the plan.
Repurchases are subject to SEC regulations as well as certain price, market volume and timing constraints specified in the plan.
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.