The news has influenced the retailer’s share price to fall by 14 per cent today, down to 192.75p.
A GAME spokesperson told MCV: "Lisa and David could not trade shares last year due to regulations that they had to adhere to during the Gamestation takeover.
"This is simply a bit of personal housekeeping. Both parties still maintain a significant holding in the business."
Hemscott reports that the pair sold their shares at an average price of 224.63 pence each.
Game Group said Morgan sold 1.38 million shares – worth about £3.1 million. These comprised of shares acquired after the exercise of options and those granted under a long-term incentive plan.
Morgan now holds 202,000 shares, deferred shares to the value of £174,000 and 1.67 million options.
The retailer confirmed that Thomas sold 1.04 million shares, which also comprised shares acquired after the exercise of options and those granted under a long-term incentive plan.
Thomas now holds 66,000 shares, deferred shares to the value of £154,986 and 808, 126 options.