Material events related to a Company Business need/must be made public through a documented PR. I sure hope your friend is aware of regulations and the impact that can have on a Company if not complied with. Better still maybe you should let this person know so he doesn't risk CXAC getting into trouble with regulators. That's all we would need. Be careful how you post a PR for this Company. If it's MAJOR as you say and its deemed Material why not tell the rest of the world in a BIG PR, that has more impact then a CC with a few people.