The red light comes on at the end of quarters and shot clock violations.
Forgive me because I don't know how to post the youtube clip here so you have to view on spurstalk. But the buzzer doesn't sound until the ball is out of Finley's hand. So not only did the red light not come on but the buzzer doesn't sound until after the 00 is on the clock too.
http://www.spurstalk.com/forums/showthread.php?t=122551