The CFO only sold because he needed money, not because he didn't believe in the stock. Remember, a lot of management has not been paid in cash, but in shares (Sometimes too many, but that's another topic...). If they want to get "paid", then they have to sell. The same with contractors who sold shares they were paid in. They didn't do the work to become investors, they did the work to get paid. And I'm sure many of them got pretty POed during the period they had to hold the shares as they watched their "paycheck" lose value.

And if you think it says something that one member of management sold, then what does it say that all the others didn't?