Absolutely incorrect. A black out period is not the same as a quiet period.
In order to avoid giving analysts, journalists, certain registered investment advisors, private investors, and portfolio managers an unfair advantage that would amount to insider information, company executives are forbidden to speak to the public about the business during the four weeks prior to the close of the business quarter; a span known as "the quiet period".
A blackout period protects employees of a firm for a period of 3 days but not greater than 60 days not allowing for changes to be made to their retirement or investment plans. This prohibits insiders of an issuer from buying, selling, transferring or acquiring through other means, securities of the issuer.
This is what Mr. Lampl said:
Answer:
No meeting is scheduled.
The Songbird acquisition is in due diligence and the company has just passed the third quarter and is in a blackout phase. So unless he is protecting employees of the corporation as per above, the blackout is not the same as a quiet period, and, according to FINRA, the quiet period does not apply to pink sheets.
So to sum up, all I am saying is, to avoid confusion, the company should have simply stated the company is electing to not publicly discuss anything to do with the proposed acquisition of Songbird. By doing that no misunderstanding exists and those who wish to view that as a negative will do so regardless of the facts. I as my name implies, am a stickler for the rules which are meant to protect investors and the company both. Mr. Lampl used a term that is a legal term in securities law but it was not properly applied to this situation. And as a last point, this statement should have been made on October 13th, not after the 15th because that plays into the hands of those who see a conspiracy under every plane seat. Doing it after the 15th for those naysayers simply substantiated their claims the acquisition would not happen, even though it is well known that was the earliest date for completion, not the only date.
