Uh, what? As another comment noted, they possessed "material non-public information" when they traded. Forms 3-5 just disclose the transaction, not the non-public information that we all just learned about.

This doesn't mean they are guilty of insider trading, especially if there is a pattern of recent sales, but it certainly doesn't absolve them. Definitely smarter to hold off on ad hoc trades until all material information goes public -- or go with a scheduled plan.

here are the sells

http://google.brand.edgar-online.com/?sym=EFX

All of the guys in question all own 40,000 more shares than the few thousand they sold. Doesn't mean they weren't insider trading or avoiding losses, its a good defense though.

Selling outside of a predefined schedule is always at risk of some scrutiny, because they always have inside information.

Given the size of these sells, they probably need it to cover a margin call, since its common for people to borrow against their shares. Would suck if thats what it was because its damning for civil and criminal liability and would have been likely necessary for their solvency.

Enjoy

So, does this mean just the transparency via regulatory filings is enough to absolve them of any legal liability?

It means that someone from the SEC should probably be looking into the trades. It would take a court to decide any legal liability, and charges would be the result of such SEC action. Having not reported the transactions in the first place would have likely made the sales less defensible -- good ol' "why were they hiding if they aren't guilty?"