Highly unlikely that NWBO management would make such a decision. Rather with all the data they have, they would look to salvage what appears to be odds against approval, even assuming missing the primary endpoint overall. They would slice and dice the extensive data to come up with a reasonable case for approval even though it may turn out to be partial..
Although this has been debated by you and Biosectinvestor ad nauseum, IMO, while a material event, it does not fall within the SEC 4 day notice requirement. In fact, I believe that counsel would advise careful consideration of the analysies made by the statisticians before coming to any conclusion as to the odds of approval. Such consideration would likely exceed the 4 days notice requirement if you count, as the starting point, receipt of analyses from the statisticians. I have not come across cases that on the “four corners” address and decide whether trial failure is an event that must be reported within 4 business days and the criteria to so determine. Admittedly, SEC regulations are not my legal specialty as an attorney, but a cursory review of cases has not turned up this specific situation. I believe that biosectinvestor has persuasively expressed a correct opinion on the matter FWIW.
Since you are adamantly certain of your position, perhaps you might kindly provide US case citations supporting your position. I, for one, would appreciate learning something new.
In any event, my point has been that company silence exceeding 4 business days does not, ipso facto, infer that the trial has not failed because it has not been reported within this time window. I believe that investors relying upon this predicate alone are unwise to do so; there are other indicia suggestive of trial success. JMHO.
