Shishin Maxim

Insider trading profile for Shishin Maxim at Corvel Corp (CRVL) -- 147 transactions since 2017-05-04 through 2026-06-12. 75,556 shares sold, zero meaningful discretionary acquisitions. Transaction pattern: M-code (vesting) events: 2026-06-12 (2,250 x 2 = 4,500 shares); 2025-09-11 (9,000 x 2 = 18,000); 2025-08-20 (12,000); 2025-06-09 (2,400); 2025-03-14 (2,250 x 2 = 4,500); 2024-08-12 (2,125 + 2,550 + 3,400 = 8,075). S-code sells: 2026-06-12 (2,250 at $60.59); 2025-09-11 (9,000 at $87.82 x 2 = 18,000); 2025-08-20 (12,000 at $89.16); 2025-06-09 (2,400 at $108.09); 2024-08-12 (2,125 at $299.85 -- notable sell near all-time high). A-code acquisitions: 2025-11-06 (4,000 shares); 2025-05-15 (3,000 x 2 = 6,000); 2025-01-14 (2,500 at $110.18). Pattern: the insider systematically sells vested shares at progressively higher prices as CRVL appreciated from ~$26 (2024) to $89-$108 (2025) to $60 (2026). The 2024-08-12 S-code sell at $299.85 is extraordinary -- this was near CRVL's all-time high and represents taking massive profits on a position established at much lower exercise prices ($17-$29 range). The M-code vesting events at $6.15-$29.23 exercise prices with immediate S-code liquidation at $60-$299 captures 2x-15x gains. CRVL (medical-claims management) has been a strong compounder; this insider has been selling into every major rally since 2017. Bearish read: 8-year all-sell profile through CRVL's entire bull run, with the most recent sell at $299.85 (August 2024) near the all-time high. The A-code events in 2025 (4K + 6K + 2.5K = 12,500 shares) represent RSU vesting being partially held but the subsequent absence of S-code sells on those specific tranches is minor relative to the overall 75K sell total. This is a structural bearish signal.