Avid Bioservices Inc (CDMO)

[skweze]

You make a very compelling point. The class action suit was roundly discredited by the trial judge. Moreover, to even a layperson, it is clearly grounded in sophomoric legal reasoning. Therefore it is hard to fathom why anyone would to throw good money after bad with a case that faces almost certain doom when it finally does reach the appellate court judges. (Not to mention the risk of sanctions for a frivolous action.) Peregrine has already made it clear they will not "settle" with the plaintiff. So with basically zero hope of direct financial reward, one does wonder why the plaintiff so stubbornly persists in keeping the case on the docket for as long as possible. All imo.

The ongoing class action is the only reason that an entity would be able to acquire shares over the past 2 years without filing a form 13. As poster R239244094042 pointed out, a position can be kept if filed for confidential treatment. I have legal friends who have confirmed it's quite possible that an ongoing class action would be sufficient for such treatment. However, if there is an ongoing acquisition of shares, a quarterly update must be filed showing an ongoing intent to acquire shares. Interestingly enough, at least once every quarter for the last 2 years we've had days of large volume for no apparent reason. Ebola was the latest. I expect there will be one in January also.