Anders:
Please allow me to make the following points wrt the position I am espousing:
1. I believe that I am on safe ground in supporting the disclosure of material events/information within a reasonable time frame. However, the issue is whether disclosure of a failed trial or failure to achieve certain endpoints is material and when and to what extent should this be disclosed. Simply, you claim as obvious that such disclosure must take place within 4 business days. I disagree. Disclosure of such information/events requires a thorough and careful consideration by company counsel, SAB, consultants, etc as well as a full, deep dive, into the details relevant to such disclosure. You don’t want to make a disclosure only to reverse/modify it later after you have done a deep dive into the details. This is obviously complex and involves the participation of several parties. Furthermore, it would be prudent for company counsel to consult with FDA and SEC counsel as well. Obviously in such a case, a four day notice rule would be highly impractical and would not provide sufficient time to make the proper determination and decision as to how to disclose and the explanations associated therewith. To be sure, disclosure within a reasonably prudent time of any such material information/event should be made. However, I do not believe that this particular circumstance falls within the 4 day window rule which you aver as obvious. As I said, and I am busy as well which has lately prevented me from participating in board discussions, a cursory review of case law has not turned up cases which address the issue on its four corners.
2. Regardless of item 1 above, I do not believe it prudent for investors to rely or otherwise give undue significance to company silence, assuming the management is unblinded, in re trial failure or failure to meet certain end points.
In any event, glad to read that you have again established a position in NWBO and I strongly believe that we longs will be well rewarded. GLTU.
UMIBE
