Travelzoo CEO Sells Shares

After that initial bout of selling, the stock had fallen to $50 a share in mid-February. In recent weeks, the stock had rallied back, trading higher on no apparent news.

The sale of Bartel's shares took place even as the Securities and Exchange Commission's Boston office is conducting an informal inquiry into trading in Travelzoo stock. One thing the SEC is looking into, according to Travelzoo, is the selling of stock by some of Travelzoo's executives. The company has said it has "provided information concerning any transactions in the company's shares by its officers, directors and employees, including Ralph Bartel, the company's CEO."

The company disclosed the inquiry in January as the online travel-publishing company also announced fourth-quarter earnings that were weighed down by unexpected costs associated with a six-year-old stock-giveaway promotion.

After the two sales, Bartel owns about 80% of the company's outstanding stock, or some 12.7 million shares.