If there is "material" positive news, they would have to issue a PR before the web cast, otherwise they would likely be in violation of Reg FD (Fair Disclosure) since the webcast was announced only to those on the unofficial e-mail list. They are not allowed to disseminate material news selectively. Reg FD violations are serious enough to warrant prison time.
A press release issued on the newswires is the proper way to annouce material news. That way it goes out to all potentially interested parties at the same time. A webcast announced in advance only to those on an unofficial e-mail list would not qualify as fair disclosure under Reg FD.
However, if they make it sound good enough, even though unofficial, some may think they announced material news. Therefore the effect on the share price is not certain.
The fact that this not official communication is one of the reasons that I do not believe that "material" news will be announced during the webcast tomorrow. They will most likely try to make it sound like there is big news other than the S-3, but if there is no corresponding PR, it clearly is not material.
On that same note, the reason that I don't believe the royalties expected from the "Asian OEM" are material is that they issued that announcement only as a "Shareholder Alert" to the unofficial e-mail list as well and not as a PR on the newswires. If it were material, it would need to be an official PR on the wires.
I know a lot of you think I am jaded, but please consider the "facts" of what I post and not your personal bias as to my motives for posting. If I post facts - then check them out. If they aren't factual, then dispute them. If they are factual, take them into consideration in your investing decisions.
