Anavex Life Sciences Corp (AVXL)

[sokol]

I, too, am not a securities lawyer. However, my lay understanding is that this company, as any company, must disclose a material fact. If Anavex knows the Alzheimer's clinical trial results are negative, that's a material fact, and there is a duty to disclose that. However, if there is ambiguous information about the trial, which the company is still studying, I do not believe that has to be disclosed. Lastly, I believe though that it would be a mistake for the CEO to continue to purchase shares, even in small in amounts, if the CEO knows there may be negative information about the clinical trial because that may be alleged to be misleading -- leading investors to think that all is well when all is not well if the trial may be doubtful about whether the drug works.