Anavex Life Sciences Corp (AVXL)

[Steady_T]

TLD data is not material UNLESS it shows a clear trial failure.

TLD is an estimation, not a final result. The SEC has opined that a positive outcome is the expected result so it is deviations from that positive result that become material.

If you dig around enough you can find SEC examples of what it considers material and you can find case law that also shows what is considered material events. In general it seems that many on the board think that a lot more information is considered material than the SEC does.