I'm just sitting here thinking through the Friday halt, and thought I'd share my thoughts.
Why would a CEO initiate a halt on Friday, with a goal date the next day? We can assume he received a decision from FDA. If that's the case, why the halt? Many believe it is because he didn't want news to leak out. This doesn't add up, because this is a small group of people, and not a huge corporation, with hundreds of executives to be concerned with about spilling the beans. In fact, it is likely that he himself, was the only one privy to the information. It's possible this was done to avoid perception of insider trading, but as stated earlier, the insider class is small.
If the news was bad, (delay or denial) why halt the stock? He could have allowed the stock to trade out, and released the news after the market close, which he didn't. On the other hand, if the news is good, what better way to send a message or flare to the market and investors to stay tuned. In other words, why halt the stock, drawing attention to it, and then release disappointing news? That would make no sense.
Some might argue the CEO can't initiate a halt like that, but on the TSX he can, and the OTC has to follow suit. The authorities and exchange wouldn't be privy to a news event, and they don't halt automatically because of an upcoming goal date.
In the past CRL's and delays didn't cause a halt. In my opinion, they have their approval, and the CEO is taking his time writing and preparing his PR, and how and where it will be released.
I don't usually like to post information, that might cause someone to buy and lose money. However, this is safe situation, because we will all find out together.
Hey, it's only my thoughts and opinion.
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