Avid Bioservices Inc (CDMO)

[Big On Tarvy]

Sorry if the SEC definition insults you.

Here’s the link to the SEC’s official publication of Regulation FD when it went final in Oct. 2000:

http://www.sec.gov/rules/final/33-7881.htm

If you scroll down you will find this statement:

“2. Disclosures of Material Nonpublic Information
The final regulation, like the proposal, applies to disclosures of "material nonpublic" information about the issuer or its securities. The regulation does not define the terms "material" and "nonpublic," but relies on existing definitions of these terms established in the case law. Information is material if "there is a substantial likelihood that a reasonable shareholder would consider it important" in making an investment decision.38 To fulfill the materiality requirement, there must be a substantial likelihood that a fact "would have been viewed by the reasonable investor as having significantly altered the 'total mix' of information made available."39 Information is nonpublic if it has not been disseminated in a manner making it available to investors generally.40 “

If you've been paying attention to recent developments, recent PRs, recent CCs etc., you know that the stuff to be announced in the next few months will "significantly alter the 'total mix' of information."