If the members of the board of directors at Jones Soda (NASDAQ: JSDA) weren't trading based on any kind of inside information, they may want to consider starting their own hedge funds. That's how good the timing of their sales was.

During an 85-day period this spring, 5 directors sold nearly all of their shares in the company. The stock is about 67% off the high it reached during that period. According to the Seattle-Post Intelligencer, "If the board members and executives had made the trades Monday, when the stock closed at $10.74 on the Nasdaq stock market, they would have gotten a combined $3.6 million, or 45 percent less than what they received."

CEO Peter van Stolk told the newspaper that the directors exercise options/sell stock as compensation for all their hard work. But the sales, and their uncanny timing, raise a question: If the outside directors were so involved in the management of the company, wouldn't they have been aware of the problems the company was having that led to the demise of the share-price?

Industry experts are questioning the timing of the sales, but maybe we should give them the benefit of the doubt: Even after the sell-off, the stock is trading at 114 times earnings. The stock had been on a tear, and you can hardly blame them for wanting to take some profits... or all their profits.

Regardless of whether the Jones directors were trading inappropriately -- I won't speculate -- this raises an interesting question: What is an executive or director supposed to do when he feels that his company's stock is overvalued? Does she have some moral obligation to hold the stock, or should she try to dump it before it plummets as investor exuberance subsides?

Ultimately, investors should be more worried about the performance of a company than director sales. And given the stock's recent chart, there's plenty of complaining to be done on that front.